Capsicum Re creates New York cyber hub

Capsicum Re, which has a major presence on Bermuda, has announced the launch of its New York cyber hub.

Led by Patrick Bousfield, who has been promoted to executive director, the unit opened for business on 1 June. Bousfield will report to Ian Newman, global head of cyber, who is based in London.

Bousfield has gained significant experience in both treaty and facultative reinsurance, having worked in Toronto, Sydney and London, at Beach & Associates and latterly at EC3 Brokers. He has further developed his cyber expertise since joining Capsicum Re in 2016.

“I am delighted to be leading Capsicum Re’s expansion in New York,” said Bousfield. “As recent cyber events have shown, risks are not limited by geographic location. A permanent physical presence in one of the world’s biggest markets will better ensure we continue to deliver innovative solutions directly to our clients where they need them.”

“The cyber team has received overwhelming support from clients and, by popular demand, we have now established our presence in New York to bring our winning, customer-centric proposition even closer to them,” said Rupert Swallow, Capsicum Re’s chief executive officer. “Capsicum Re continues to lead the market in developing new meaningful classes of business that meet the needs of our clients as the global economy responds to the risks and challenges that an increasingly digital environment brings.”

“Our expanding portfolio has always seen a mixture of UK and US-based accounts,” said Newman. “Establishing a New York hub was, naturally, our next step and demonstrates our renewed commitment to clients based there. Patrick has been an asset since joining Capsicum Re and has grown into the ideal candidate to head up our new operation, I am confident we will see continued growth in US cyber business under Patrick’s expert leadership.”