Allianz's PIMCO expands Bermuda ILS business with two senior hires

Pacific Investment Management Company (PIMCO), the asset management company owned by Allianz, has expanded its ILS business with two senior hires both based in Bermuda.

Vijay Manghnani has joined as senior vice president, head of risk and analytics, and Juan Prado as senior vice president, ILS finance and operations.

Manghnani has over 10 years experience working as a portfolio manager, underwriter and scientist most recently served as property exposure and analytics officer at American International Group (AIG). He also serves a professor at Clemson University and has previously been a chair for climate change risk management at North American Actuarial Societies.

Prado has held senior roles across reinsurance and third-party capital firms, including as senior vice president of RenaissanceRe Ventures, Aureo Capital and Performa.

PIMCO, which has around $1.8 trillion of assets under management, is seeking greater participation in the ILS sector through this newly established unit, which is headed up by Rick Pagnani, the former chief executive of Everest Re’s sidecar Mt. Logan Re, who was hired in early 2019.