Specialist reinsurance broker Capsicum Re has announced Steven Rance, former JLT Group executive vice president, as head of a new mortgage indemnity reinsurance business division, with effect from February 2018.
Rance will report to Rupert Swallow, CEO of Capsicum Re, who welcomed Rance to his new role; “Capsicum Re is no longer an upstart start-up; it is now an established challenger with an enviable record of attracting the highest calibre talent, and Steve’s joining us is a testament to that fact.
“I do not believe there is anyone better placed to lead this division; it is a new venture for Capsicum Re, but a longstanding area of expertise for Steve, whose reputation and accomplishments thus far precede him.
“The mortgage indemnity reinsurance market is largely untapped and has a huge potential for growth, and we will work closely with our network to offer the broadest access to both capacity and capital. This is a great opportunity for us and I am delighted to welcome Steve to the team.”
With JLT Group, Rance led all aspects of the firms Global Mortgage Solutions since 2008 and established the UK’s first government-backed mortgage indemnity initiative, NewBuy.
Prior to his role at JLT, Rance was managing director at Radian Europe and Genworth Financial before this. In his early career, Rance worked for a number of top European banks, gaining experience in business strategy, affinity loans and the mortgage sector.