OnRe appoints former Fidelis executive Fortune as chief underwriting officer
Bermuda-based collateralised reinsurer OnRe has appointed former The Fidelis Partnership executive Ben Fortune as chief underwriting officer as the company looks to scale its underwriting operations and expand its onchain capital platform.
Ben Fortune (pictured) will lead underwriting and insurance strategy across the business, overseeing underwriting governance, portfolio construction, pricing discipline and risk selection across insurance and reinsurance activities.
The Bermuda-based company said its onchain capital platform currently manages $170 million.
Fortune brings nearly 20 years of experience across reinsurance, underwriting and actuarial disciplines. He most recently served as chief underwriting officer at The Fidelis Partnership in Bermuda, where he oversaw underwriting performance across multiple lines of business.
He spent nine years at Fidelis after joining the company at its launch in 2015. Earlier in his career, Fortune held analytical roles at Leadenhall Capital Partners, Aon and Lockton.
“Ben brings a depth of underwriting experience that is critical as we scale,” said Dan Roberts, co-founder and chief executive officer of OnRe.
“His track record across portfolio construction and disciplined risk selection strengthens our ability to scale as a capital partner in Bermuda and deploy across a global portfolio. This appointment is a key step in further institutionalizing our underwriting function.”
“OnRe introduces a new model for capital formation in reinsurance,” said Fortune.
“The (re)insurance industry has long been a source of uncorrelated returns for investors whilst providing an essential home for society’s risk. As the industry modernizes and integrates new technologies alongside established market infrastructure, connecting scalable onchain capital with real world risk and yield is an exciting and inevitable next step in the industry’s evolution.”
SiriusPoint shares traded up approximately 1.2% up in early trading following the Q1 results announcement. The view from the market was that SiriusPoint has effectively moved past its turnaround phase and is now in a “consistent delivery” phase, although revenue growth in softening markets remains something for investors to watch out for.
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