A new Bermuda reinsurance unit, with a capital markets emphasis, is being launched by the Howden insurance and reinsurance broking group, according to Artemis.bm.

Artemis, the specialty capital and alternative (re)insurance market digital publisher, said that Howden has chosen Darren Redhead, from Lancashire Capital Management, to lead at least the third-party capital aspect of the new operation.

Last month, Howden said the acquisition of Bermuda-based insurance and reinsurance company Foram Brokerage was aimed at building a leading position in the insurance and reinsurance broking sector on the island.

It said that the acquisition reflected its continuing strategy to deliver smartly optimised re/insurance programmes tailored to clients’ commercial priorities and supported by strong hub offices in the world’s top insurance and reinsurance markets.

Foram’s strong relationships with key markets in Bermuda will translate into solutions that are expertly adapted to clients’ commercial, cultural and operational needs, Howden said.

Artemis said that the recent moves for a Bermuda office demonstrates the broking group’s increasing appetite for providing capital-agnostic solutions to clients and carriers, as well as its recognition of the importance of the Bermuda marketplace.

It added that Howden launched a capital markets unit at the end of last year, and building out specific third-party reinsurance capital expertise had always been on the cards for the company.

Howden said that the Foram acquisition affirms its commitment to the Bermudian market and provides clients with access to an expert team made up entirely of Bermudians.

The global broker said that Foram provides speciality brokerage services in casualty, energy, professional, construction, product recall, property and healthcare lines predominantly to Fortune 1000 US clients requiring access to the Bermudian market.

Most recently, Mr Redhead was CEO of specialty insurance and reinsurance group Lancashire’s third-party capital activities.

At Lancashire for eight years, he helped to build out the LCM brand and its product offering, including its multiclass retrocessional reinsurance products.

Before that he had been the chief underwriting officer of D E Shaw Re (Bermuda) Ltd, part of the property catastrophe reinsurer operated by the D E Shaw hedge fund.

Mr Redhead has significant experience in global reinsurance and retrocession markets, as well as in raising capital for insurance-linked investment funds and strategies.