Bermuda-based reinsurance company Sequant Re has appointed a new chief underwriting officer.

Victor Baillargeon, who has 35 years of experience in the industry, will lead the development of the company’s underwriting strategies to allow a range of investors access to the insurance-linked securities (ILS) market.

Sequant Re founder and CEO Guy Cloutier said: “As the ILS market continues to evolve, it is time for reinsurers to be innovative.

“It is Sequant’s vision to address the enormous gap between the true cost of risk — natural and man-made — and the protection actually provided through the traditional insurance and reinsurance market.

“With Vic on board, Sequant Re is well positioned to enhance its ILS offering and add value to our clients.”

Mr Baillargeon added: “I am delighted to be part of a company that has an innovative and fresh perspective on the future development of the convergence of reinsurance and insurance and the capital markets.

“We see current challenges in the reinsurance space as a tremendous opportunity.

“Investors and cedants are looking for solutions and it is our goal to increase the efficiency and flexibility of the securitisation process and facilitate the access to ILS.”