Former Bermuda Monetary Authority chairman Alan Cossar has been named as non-executive chairman of the ILS funds run by a subsidiary of Bermuda reinsurer Hiscox Re.

Kiskadee Investment Managers has also appointed Richard Lowther as chief operating officer. Mr Lowther was previously COO at Validus Re’s ILS management company AlphaCat Managers Ltd.

Both appointments took effect on Tuesday.

Mr Cossar served as BMA chairman from 2010 through 2012, having previously spent 29 years with Aon Captive Services Group, serving as group managing director, Americas region, until 2005.

He was elected to the executive committee of the Bermuda Insurance Management Association in 1990, serving as president from 1996 to 1997 and as an alternate from 2002 to 2005.

Mr Cossar is a member of the Institute of Chartered Accountants of Scotland and a graduate of the University of Strathclyde in Scotland, with a BA degree in accountancy and economics.

Mr Lowther will be based in Bermuda and is responsible for the development of the overall infrastructure of the business as well as day-to-day operations. He was previously at AlphaCat Managers Ltd where he served as COO responsible for developing the ILS management structure and operational processes. Prior to this role he was a partner with JLT Insurance Management and worked with Marsh Management Services.

Mr Lowther has a BA degree in economics from the University of Victoria in Canada and is a member of the Canadian Institute of Chartered Accountants.

Hiscox Re CEO Jeremy Pinchin said: “The successful launch of Kiskadee offers a truly differentiated proposition to ILS investors; combining superior risk selection, diversification and portfolio design whilst leveraging the best of Hiscox Group and its experience of third party capital management.

“Richard Lowther’s operational ILS expertise will play a crucial role as we continue to scale up our operations, while Alan Cossar will provide valuable insight and guidance to our Kiskadee management team.”