Re, the brand under which Cover Re, Inc. operates, has announced the execution of a $65 million investment note between its wholly owned subsidiary Cover Re SPC Ltd. and the Resilience Foundation.
Cover Re SPC Ltd. is a fully collateralised reinsurer domiciled in the Cayman Islands and licensed by the Cayman Islands Monetary Authority under a Class B(iii) insurer’s licence.
Tim McDermott will lead Cover Re’s Property and Multiline team, with Ken Kurtzman and Jack Nelson also joining the company as Chief Risk Officer and Chief Investment Office, respectively.
This second capital transfer from the Resilience Foundation follows the $100 million note executed in April, lifting note capital to $165 million as Re builds out the leadership of its Cayman-based fully collateralised reinsurer
Together, the new capital and appointments strengthen the risk, investment and underwriting functions behind Cover Re’s capacity for US and international cedants.
“A second transfer of this size shows the April note wasn’t a one-off; it’s how we intend to grow,” said Karn Saroya, CEO of Re. “Every dollar that reaches Cover Re sits in trust, ranks behind our cedants, and is visible to them. That’s the standard we’ll keep holding ourselves to as capacity scales.”
As Head of Property and Multiline, McDermott will lead Cover Re’s property and multiline underwriting, including portfolios that bundle several lines of business into a single treaty.
He will be responsible for portfolio construction and capacity structuring across these lines, with a focus on deepening relationships with insurers and managing general agents (MGAs).
McDermott joins from ERGO NEXT, acquired by Munich Re’s ERGO Group in 2025, where he was Director of Insurance Product Management, overseeing P&C product management and financial performance for commercial liability, property, and inland marine portfolios.
Previously, he spent over a decade at Munich Re managing reinsurance partnerships with tech-focused and traditional insurers.
As Chief Risk Officer, Kurtzman will manage risk for Cover Re by setting reinsurance underwriting limits, overseeing capital, and reporting enterprise risks to leadership.
With over 35 years of experience in actuarial, underwriting, and risk management, Kurtzman previously served as Vice President of Reinsurance and Risk Management at NEXT Insurance, where he led reinsurance purchasing, built the enterprise risk management framework, and managed capital and reserving.
Kurtzman has also previously held positions with Platinum Underwriters, a Bermuda-based property and casualty reinsurer, and with global reinsurer Swiss Re.
As Chief Investment Office, Nelson will lead investment strategy for cash and investment-grade assets backing Cover Re’s reinsurance obligations, managing asset allocation, liquidity, duration, collateral, and regulatory compliance.
The executive previously served as Senior Vice President and Chief Investment Officer of Everest Re Group, Ltd. from 2009 to 2021.
