Bermuda-based ILS Capital is to open a new office in London next month.

The company has also appointed Teresa Gallant as the new chief financial officer and Glenn Clinton, who will head up US property catastrophe underwriting.

ILS capital founder and chairman Don Kramer said: “Teresa is a high-calibre executive whose appointment as CFO has been widely welcomed by our investors.

“With nearly 15 years of audit and accounting experience under her belt, she is a significant addition to our team.”

Mr Clinton joins the firm from Bermuda company Tower Re, where he was president and chief underwriting officer and managed a $360 million book of business.

Mr Kramer said that John Warwick and John Haggerty had been appointed to run the London office, which will focus on specialty reinsurance.

He added: “While property catastrophe reinsurance is centred in Bermuda, London is the centre for the specialty reinsurance market.

“ILS Capital is a progressive business and I am determined to stay a step ahead of our peers.

“John Haggerty and John Warwick’s 60 years combined reinsurance experience in the London market gives us an unprecedented opportunity to expand our operation.”

ILS Capital was founded in Bermuda four years ago and has $250 million in assets under management.