Parametric writer NormanMax hires TopSail’s Turgel as CUO, Arbol’s Gabin as General Counsel

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group that is the operator of the first pure-parametric syndicate at Lloyd’s, has announced the hiring of a new Chief Underwriting Officer in Daniel Turgel from Topsail Re, as well as a new General Counsel with ILS experience in Matthew Gabin.

NormanMax, which was founded by former Universal founder and CEO Bradley Meier, has been building out its team over the last couple of years, adding expertise in its specialist domain of parametric risk transfer, but also more broadly in areas such as how it might interact with third-party capital in future.

Daniel Turgel is joining the company as its Chief Underwriting Officer.

Turgel was most recently a Vice President of Underwriting at Topsail Re, where he managed a large property and casualty quota share treaty reinsurance book.

He began his career in this industry at Arch Reinsurance, where he held a variety of underwriting roles in the facultative and treaty groups in the United States and abroad.

Matthew Gabin has also been hired by NormanMax, becoming the company’s General Counsel.

Gabin joins from his most recent role as Chief Legal Officer and Deputy Chief Operating Officer at Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance.

Prior to that, Gabin worked at global reinsurance firm Swiss Re, where as legal counsel he had a focus on parametric risk transfer, weather derivatives and also insurance-linked securities (ILS) structures, working for the weather and commodity business.

Gabin has also worked at law firm Mayer Brown in New York, advising re/insurance companies, banks and ILS hedge funds that were structuring investments in insurance risk, using both capital markets and insurance structures for execution.

Prior to which he spent almost a decade at Allianz Risk Transfer, as its North American Counsel, where he also had a focus on reinsurance convergence and assisted in the development of the ART fronting for ILS business.

These are two key hires for NormanMax as the parametric specialist continues to grow.

NormanMax launched and received market approval for dedicated parametric syndicate 3939 at Lloyd’s earlier this year, the company also began offering a parametric retrocession product that is underwritten via the syndicate.