Lumen hires from LGT Capital’s ILS team

Formerly part of the ILS team at LGT Capital Partners in Switzerland, Klaus Sapelza and Mario Spescha have been appointed chief underwriting officer and chief operations officer, respectively, at Lumen Re.

Lumen Re is a Bermuda-based, fully regulated commercial reinsurance carrier established in 2012 by the dedicated ILS unit of LGT Capital Partners.

LGT Capital Partners has also announced that US-based investor the Kresge Foundation has become an external equity investor in reinsurer Lumen Re. Structured as a co-investment alongside the Princely Family of Liechtenstein acting as key equity investor, this direct equity investment in Lumen Re allows for the most efficient allocation to insurance-linked strategies (ILS) for any long-term investor.

Roberto Paganoni, chief executive officer of LGT Capital Partners said: “We welcome The Kresge Foundation as a co-investor in Lumen Re and are excited to continue the build-out of Lumen Re’s balance sheet strength by leveraging our experience as a long-term investor in this asset class since 2005.”

Adrian Ohmer, investment director and head of diversifying strategies of the Kresge Foundation, added: “After several years with increased catastrophe event activity, the ILS market has undergone a fundamental shift, with improved rates and conditions. We saw this as an attractive entry point for a long-term ILS allocation through a uniquely-structured investment in Lumen Re with LGT Capital Partners, a firm that we view as a high quality partner.”

The Kresge Foundation is a private, national foundation that works to expand opportunities in America’s cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development, nationally and in Detroit, Memphis and New Orleans.