Fleming Insurance Holding has hired Samir Khare to head up its nascent casualty ILS platform buildout as a part of a $150 million capital infusion by Altamont Capital and Fleming Corp.
The buildout will include pooling and structuring capabilities to transform casualty insurance risk to the capital markets.
Khare most recently worked at Point72, and previous to that, Capital Returns, where he invested in the public insurance sector.
Prior to this, he was a casualty reinsurance pricing actuary at Quanta Holdings and an actuarial consultant at PwC.
“Samir’s unique background and experience is perfectly suited to make our ILS initiative a huge success,” said Fleming CEO Eric Haller, commenting on the appointment.
The business underlying the casualty ILS initiative will initially focus on low volatility legacy reserves on a retrospective basis from Fleming’s growing legacy portfolio, as well as similar business lines on a prospective basis as part of its capital market solutions.
Fleming’s novel Planned Loss Portfolio Transfer (LPT) product will be used in conjunction with casualty ILS structures to shorten the liability tail. This solution will also be employed in its legacy segment with ceding insurers to free up balance sheet capacity on a recurring basis.
Fleming Insurance Holdings is a capital solutions provider that specializes in legacy transactions and the transfer of insurance risk to the capital markets.
Founded in 2018, the company is backed by Fleming Corp, the founding financial sponsor, and Altamont Capital Partners, an insurance investor with over $4.5 billion of assets under management.