OnRe, a licensed collateralised reinsurer and on-chain asset manager, has appointed Ben Fortune as its new Chief Underwriting Officer (CUO). He is expected to join the firm in Bermuda, subject to immigration approval.
Most recently, Fortune served as the CUO of The Fidelis Partnership (TFP) in Bermuda, where he oversaw underwriting performance across multiple lines of business.
In his new role, Fortune will build and execute OnRe’s underwriting and insurance strategy, aligning with the reinsurer’s strategy of delivering consistent, premium-backed returns through its on-chain capital platform, which currently manages $170 million.
Additionally, he is responsible for overseeing underwriting governance, portfolio construction, pricing discipline, and risk selection across all insurance and reinsurance activities.
The appointment reflects On Re’s continued investment in underwriting capability as it expands its role as a capital partner to the global reinsurance market.
Fortune has nearly two decades of experience across reinsurance, underwriting, and actuarial disciplines. He joined Fidelis at its foundation in 2015, and has held several senior roles over his nine years with the firm.
Prior to that, Fortune held analytical roles at Leadenhall Capital Partners, and brokers Aon and Lockton, where he built his foundation in actuarial modelling and risk assessment, which he continues to employ in his underwriting approach.
Dan Roberts, CoFounder and Chief Executive Officer, On Re, commented, “Ben brings a depth of underwriting experience that is critical as we scale. 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 institutionalising our underwriting function.”
Fortune added, “On Re introduces a new model for capital formation in reinsurance. 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 modernises and integrates new technologies alongside established market infrastructure, connecting scalable on-chain capital with real-world risk and yield is an exciting and inevitable next step in the industry’s evolution.
“Establishing a disciplined underwriting strategy and continuing to partner with market leaders in the (re)insurance industry enables On Re to build a high-quality and resilient book of business around this emerging source of capital. I am excited to join the team and contribute to its next phase of growth.”
Bermuda, one of the worldʼs leading reinsurance hubs, houses more than $500 billion in reinsurance assets. The market underpins a significant share of global catastrophe and specialty risk transfer.
OnRe says that it is confident it’s uniquely positioned within the island’s ecosystem to provide long-term, aligned capital to the highest-performing players in the market, connecting Bermudaʼs world-class reinsurance industry with the next generation of on-chain capital.
