American International Group, Inc., the global insurance and reinsurance giant, has officially named Paschal Brooks as the new CEO of its insurance-linked securities (ILS) investments unit, AlphaCat Capital Inc.
Brooks has been working at AlphaCat since 2011, having joined from his previous position as a VP in structured finance at Goldman Sachs and is well-known in the ILS and reinsurance industry.
He has stepped into the CEO role after former AlphaCat CEO Lixin Zeng revealed his departure in the third-quarter of 2019. We understand that Zeng has now moved on as of the last few weeks.
Brooks has previously held roles as a Portfolio Manager, Managing Director and Head of Non-Investment at AlphaCat.
Most recently, Brooks held the position of Chief Operating Officer of AlphaCat.
AIG said that Brooks actually assumed the role of CEO effective April 1st 2020. and he will report to Chris Schaper, Chief Executive Officer, AIG RE.
“I look forward to Paschal’s leadership of AlphaCat. His deep experience and outstanding reputation ensures that AIG will continue to deliver value and critical expertise to clients and investors in the ILS market,” Schaper said.
AlphaCat underwrites reinsurance and retrocession backed by third-party investor collateral and invests in catastrophe bonds.
The ILS manager operates a range of fund vehicles and strategies to suit different ILS investor return requirements.
Brooks oversees the implementation of AlphaCat’s insurance linked securities strategies, enabling its investors to access the returns of private reinsurance transactions and catastrophe bonds, with the benefits of a low capital markets correlation.
As part of AIG, AlphaCat also benefits from access to risk, as part of one of the largest global insurance and reinsurance franchises.
Original Article Posted at : https://www.artemis.bm/news/paschal-brooks-named-ceo-of-alphacat-by-aig/