SageSure adds former Guy Carpenter CEO Peter Hearn to its Board

SageSure, the catastrophe exposed and coastal property managing general underwriter that has now brought eight Gateway Re catastrophe bonds to market on behalf of its underwriting entity partners, has announced the appointment of former Guy Carpenter CEO Peter Hearn to its Board of Managers.

Hearn is a reinsurance market executive with almost four decades of experience and a track-record as a leader at some of the highest-profile reinsurance brokerages.

Most recently, Hearn was the Vice Chair of Marsh McLennan and Chief Executive Officer of reinsurance broker Guy Carpenter.

Before that, Hearn served as the Global Chairman and Global CEO of Willis Re, where he also sat as a member of the Willis Group Executive Committee.

“We are excited to welcome Peter to our Board,” commented Terrence McLean, President and CEO of SageSure. “Reinsurance touches every part of our business, and Peter is one of the most respected leaders in this space. His insights and experience will be formative in shaping how SageSure continues to adapt to a dynamic risk landscape.”

“I am honored to join the Board and to collaborate with SageSure’s talented leadership team on actualizing the company’s vision,” added Hearn. “What the team has achieved is incredible, and I look forward to contributing to the next phase of SageSure’s growth.”

SageSure first looked to the insurance-linked securities (ILS) market to source capacity for its underwriting entities in 2022.

Since then, the company has brought eight Gateway Re catastrophe bond transactions to market, sourcing $1.22 billion of risk capital from ILS and institutional markets for its underwriting partners.

Those deals have come to market in just over two years, making SageSure linked entities and its Gateway Re cat bond program one of the most prolific in the market over this period.

SageSure highlights its “sophisticated approach to risk capital” as a key driver of the MGU’s growth, which has helped the company to serve more than 650,000 policyholders.

In total, SageSure said it has so far supported its underwriting partners in securing over $3.5 billion in risk capital through both insurance-linked securities (ILS) and traditional reinsurance markets.

Details of every Gateway Re catastrophe bond sponsored for SafeSure underwriting partners can be found in the Artemis Deal Directory.