HSCM Bermuda Invests With Sciemus
Sciemus, the specialty Lloyd’s MGA in the space, power, renewable energy, cyber and mining industries, has formed an investing partnership with HSCM Bermuda, and secured a financial investment from HSCM Bermuda’s clients.
“HSCM Bermuda was founded in 2015 by Michael Millette, a former partner in Goldman Sachs, who was a founding member of Goldman’s reinsurance structured finance group,” the company said.
“HSCM Bermuda, with offices in Stamford, Connecticut and Bermuda, invests in reinsurance and insurance-linked assets across the life, health, property and casualty sectors.
“As part of the new partnership, Sciemus will be renamed Argon Underwriting, subject to regulatory approval from the Financial Conduct Authority.
Rick Welsh and Tim Tetlow:
“The invested capital will be used by London-based Sciemus to develop its Lloyd’s underwriting platform and to further expand its data and modelling expertise into other areas of specialty and emerging risk.
“The name change is designed to reflect the business’s strategic transformation from a consulting company to an underwriting company, looking to utilise its expertise in data and analytics in connection with more complex and emerging risks.”
As part of the investment, HSCM Bermuda’s Chief Operating Officer, Tim Tetlow, is expected to join the Board of Sciemus.
Sciemus Chief Executive Officer Rick Welsh commented: “I am thrilled to welcome HSCM Bermuda as a partner. Michael and Tim have outstanding reputations in the global re/insurance market and their industry knowledge and expertise will be invaluable as we develop Argon into a globally recognised insurer of specialty risk.
“The increasing convergence between traditional insurance, reinsurance and the capital markets is creating an opportunity in core economic sectors that represents both traditional and emerging risk that is lightly-correlated to property cat.
“Our approach to modelling and data science enables us to be more creative and dynamic in our risk transfer and distribution, particularly in industries such as space, power, renewable energy, cyber and natural resources. HSCM Bermuda shares this vision and we are excited about exploring these opportunities with them – particularly, in the burgeoning insurance-linked securities market.”
Mr. Tetlow noted: “HSCM Bermuda is proud to partner with Rick and his team as we share their vision that superior data analytics can be harnessed to produce superior returns, and that the convergence of capital markets and insurance will only continue.”
