SAC Re Announces Management Appointments

November 1, 2012

Bermuda-based S.A.C. Re Ltd. has filled several key management posts in its property reinsurance, finance and risk management teams.

Kathleen Reardon [pictured] has joined SAC Re as Chief Underwriting Officer – Property, and will be responsible for establishing the Company’s property reinsurance business.

Prior to joining SAC Re, Ms. Reardon was Chief Underwriting Officer International at ACE Tempest Re Bermuda for seven years, where she was responsible for the international property reinsurance business.

Ms. Reardon, who began her career with ACE’s predecessor CIGNA P&C, has over 18 years of (re)insurance industry experience and is a Fellow of the Casualty Actuarial Society.

Deepening the property reinsurance team, Tim Duffin has joined SAC Re as Senior Vice President, Underwriter – Property, reporting to Ms. Reardon. Mr. Duffin was most recently a property reinsurance underwriter for Platinum Underwriters Bermuda, Ltd, where he focused on U.S. property catastrophe reinsurance. Previously, Mr. Duffin was a reinsurance broker for Aon in London and Bermuda.

SAC Re’s finance team has been enhanced with the addition of Vanessa Hardy Pickering, who has joined as Group Controller, reporting to the Company’s Chief Financial Officer. Prior to joining SAC Re, Ms. Hardy Pickering was Senior Vice President, Controller for Ariel Re Bermuda Ltd. (a subsidiary of Goldman Sachs) since April, 2012 and Ariel Reinsurance Company Ltd. for the previous six years.

Completing the recent key hires, Susan Smith joined SAC Re on October 1 as Senior Risk Analyst, reporting to the Company’s Head of Risk and Analytics. Ms. Smith was previously a Senior Risk Analyst at Montpelier Reinsurance Holdings Ltd.

SAC Re Chief Executive Officer, Simon Burton, said: “We are delighted to have Kathleen on board to lead our property reinsurance team going into the January renewal season.

“Her strong analytical background and deep market knowledge will be instrumental in building our property reinsurance business. In addition, we could not be more pleased with the calibre of candidates seeking to join our team at all levels. Tim, Vanessa and Susan each have deep experience in their roles and are terrific additions to the team.”

S.A.C. Re, Ltd. is a Bermuda-based Class 4 reinsurer and is rated “A-” (Excellent) with a stable outlook by A.M. Best Company, Inc.

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Comments (8)

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  1. Did i miss someting says:

    Wait, companies are hiring???

    Didn't the OBA say everyone is leaving?

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  2. Yes you missed something says:

    Say for arguments sake that for every 10 job losses there is 1 new hire. You would tout that new hire as an achievement? Methinks you must write press releases for the current gov't.

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  3. navin johnson says:

    Kathleen is a wonderful person and very deserving and qualified for this new role......key is if she is not replaced at Tempest do we have additional staff in Bermuda or in the game of musical chairs we just stand up and move around......not many new chairs have been put in the game.....

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  4. Family Man says:

    All the senior people they've listed have come from other companies in Bermuda. Those other companies will not be replacing some of those staff members and others will shift to offices in other countries.

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    • ABM says:

      That is of course an opinion not fact. I know of two positions that have already been filled. That would make half your statement false.

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      • Truth (Original) says:

        Ace promoted internally and made another local hire. Not sure what Montpelier and platinum have done. Neither do I know if their SVP was already based in Bermuda.

        In any event, a start up is ultimately good news for Bermuda and I think it is in spite of our politics and not because of them.

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