Bermuda insurance veteran Robin Spencer-Arscott has been appointed president of Cyrus Reinsurance Limited, a Bermuda company under contract to provide reinsurance to XL Capital Ltd. companies.

Mr. Spencer-Arscott, a former chairman and chief executive of the Bermuda arm of insurance brokerage Aon Group, has most recently run a family-owned industry consultant business, RSA Services Ltd.

He currently serves as director of AAA Risk Solutions Limited and a number of Bermuda insurance and reinsurance companies.

Cyrus, formed late last year after the industry was hit by billion dollar claims from heavy hurricane activity, was formed by lead investor Highfields Capital, a Boston-based hedge fund company, to provide reinsurance under a quota-share treaty to XL. XL is a Bermuda-based global insurance and reinsurance company listed on the New York Stock Exchange.