Russell Fletcher, chief underwriting officer of Bermudian reinsurer Montpelier Re, has retired from the firm. Christopher Harris, Montpelier’s chief risk officer, will replace him, subject to the approval of the Bermuda Department of Immigration. Harris will also continue in his old role of chief risk officer.
Although Fletcher has retired from Montpelier, company treasurer Bill Pollett says the change was a strategic decision. In light of the recent natural catastrophes and the convergence of capital markets and reinsurance, Montpelier felt it needed someone with a multi-disciplinary background in charge of underwriting, says Pollett.
Anthony Taylor, Montpelier Re’s chief executive officer, backs up Pollett’s view. “In the post-Katrina environment with the interplay of underwriting, risk management and capital management, the company concluded that all these disciplines should be brought together under one person and that, with his specialist experience in all three areas, Chris was the appropriate man for the job,” Taylor told Reactions.
Pollett adds that it is important for the head of underwriting to have intimate knowledge of catastrophe models and how their output relates to Montpelier’s capital position with rating agencies.
Harris, 36, joined Montpelier Re in May 2002 as chief actuary. Before that, he served as chief actuary for the North American operations of Allianz Risk Transfer. In addition to being an actuary, he is a chartered property/casualty underwriter and chartered financial analyst.
Fletcher, 53, has a year’s gardening leave, but may have the option to reduce this to six months, says Pollett. Fletcher told Reactions he has retired and has no plans to join another firm.
