Reinsurer Tokio Millennium Re has appointed Kathleen Faries as head of its Bermuda branch.
Faries, who currently serves as the chief executive officer (CEO) of Tokio Solution, will succeed Edwin Jordan at the beginning of 2016. She will step down from her current role at Tokio Solution.
The reinsurer confirmed that a transition plan for the appointment of Faries’ successor is underway.
Jordan has been appointed as head of Tokio Millennium Re’s newly launched capital solutions unit. He will remain the head of Bermuda until December 31, 2015.
The capital solutions unit will focus on developing new capital markets products and leveraging the use of technology to transact business with TMR’s capital markets partners.
Stephan Ruoff, Tokio Millennium Re CEO, said: “TMR has a successful track record in working with the capital markets since 2003. The company is further expanding its capital markets strategy as a core contributor to the organisation’s earning power by strengthening its product offering and services.
“Doing so enables TMR to offer greater capacity to its cedants, assists in managing our net portfolio and provides more opportunities to work with our capital markets partners.
“Having Ed focus his efforts solely on leading and ensuring the success of the capital solutions unit and appointing Kathleen as the head of Bermuda for TMR further supports our commitment to the capital markets space.
“These management appointments underscore our view that the synergy and collaboration across Tokio Millennium Re and Tokio Solution in executing upon our capital markets strategy will be key to our future success.”
Tokio Millennium Re, Tokio Solution, Kathleen Faries, Edwin Jordan, Bermuda, Europe