Twelve Securis reshuffles top team as London and Bermuda head departs
Twelve Securis, the insurance-linked securities investment manager, has overhauled its senior leadership after its London and Bermuda head decided to step down.
Herbie Lloyd, chief investment officer of private ILS and head of London and Bermuda, has decided to leave the company with his role being split between several colleagues.
Paul Larrett (pictured) becomes head of private ILS, managing the private ILS team, as well as assuming the co-head of London role alongside head of insurance debt Dinesh Pawar. Larrett, who has been with Twelve Securis for 12 years both in London and Bermuda, will continue as chief underwriting officer with oversight over all ILS transactions.
Meanwhile, Cahal Doris is being appointed CIO of private ILS and will report to Larrett. Doris has been with the company for 11 years, more recently responsible for private ILS origination in London with a focus on the sourcing and underwriting of retrocession, quota share and ILW transactions. He previously led the analytics team.
Nicholas Thuell will transition to the global head of origination and head of Bermuda. Thuell, who has been responsible for the origination platform in Bermuda, with a focus on US reinsurance transactions and the fronted reinsurance portfolios, will also report to Larrett.
Rhodri Morris will become head of the ILS analytics function, covering both cat bonds and private ILS with management responsibilities for investment analysts. Morris, who has been with Twelve Securis for five years, has experience in analytical roles and portfolio management. He has dual reporting lines to Larrett and Etienne Schwartz, CIO liquid strategies.
Paul Wilson maintains his role as head of climate and catastrophe research with responsibility for building and maintaining the view of catastrophe risk. Wilson will shortly be expanding his team with an additional hire.
And Alexandre Bruls will continue in his role as head of private ILS portfolio management, working closely with Doris and reporting to Larrett. He has worked closely with Lloyd on building the current portfolio management process, managing allocations, monitoring portfolio risk and executing the strategy.
Lloyd will remain with the firm until the end of January 2026 to support the transition process.
"These adjustments draw on the deep experience of our team and are designed to streamline responsibilities," said a spokesperson. "As the integration of Twelve Capital and Securis Investment Partners progresses, the organisational structure ensures continuity in the execution of our insurance-linked securities [ILS] strategies."
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