Reinsurance News

Patria Re hires Nick Benardout to manage Lloyd’s SPS operations

13th June 2017 - Author: Steve Evans

Mexican reinsurer Patria Re, or Reaseguradora Patria, has appointed Nick Benardout to manage its special purpose syndicate (SPS) at Lloyd’s and the firms London operations.

Nick Benardout, Patria ReBenardout joined Patria Re yesterday to run the firms PAT6125 special purpose syndicate at Lloyd’s of London. He has been hired to run the London office for the reinsurer, with the goal of strengthening its corporate structure and consolidating the international reinsurance business underwritten within Patria Re’s Lloyd’s vehicle.

Previously Head of Property Treaty reinsurance at Berkley Re, before which he was a property treaty underwriter at Chaucer, Benardout has extensive experience in London market property reinsurance underwriting and operations. He also previously held roles at Hart Re, Mercantile & General and began his career at E.W. Payne.

Patria Re launched its special purpose syndicate 6125 at Lloyd’s in 2015, working in partnership with Ironshore’s managing general agent Pembroke.

The Lloyd’s SPS, named PAT6125, specialises in underwriting short tail reinsurance business from markets outside of Latin America, covering property, natural catastrophe, agriculture and terrorism lines of business.

The SPS was established to add diversification to Patria Re’s portfolio, as well as to help it expand further into regions where it already had exposure.

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