Capsicum Re makes hire to lead new aviation team

Capsicum Re has hired David Bell to lead its newly unveiled aviation reinsurance team.

Bell brings 36 years of aviation industry experience and joins from AIG where he was global head of aerospace since 2016, responsible for underwriting and business strategy across all aviation business lines, including space.

He began his career at CT Bowring in aviation claims and held a number of roles in insurance and reinsurance broking, before joining Aon in 1999 where he rose to become executive broker for a number of large aviation accounts and regions, notably in Japan and the Far East.

Bell is based in London and reports to Matt FitzGerald, managing partner of the London property and specialty division. FitzGerald noted 2019 was a challenging year for the aviation market, which has suffered from years of declining rates and notable loss activity. But he cited a number of positive developments, including the acquisition of JLT’s global aerospace division by its joint venture partner, Gallagher.

“There were a number of new entrants into this class as well as exits and there is an upwards pricing momentum in the aviation market,” he said. “We are entering this market as we see an opportunity to bring our client focused, holistic entrepreneurial approach to this sector.”

“Capsicum Re’s growth from a start-up to the world’s fifth largest reinsurance broker in just six years has been incredibly impressive,” added Bell.