“We recently announced the milestone launch of Gibson Re, which will support our ambitions to build further scale in legacy insurance while transitioning it into a recurring fee-based business. I look forward to having Andy as our partner at R&Q and working closely with him.”
Legacy insurance is one of the two core businesses operated by R&Q, the other being programme management. The latter earns commission income from the group’s licensed carriers in the US, European Union, and the UK, while the legacy insurance unit generates profits and capital extractions from managing legacy non-life insurance portfolios.
Domiciled in Bermuda, Gibson Re is a sidecar with US$300 million of capital. It will allow the wider non-life global specialty insurance company to support legacy insurance reserves worth US$2 billion.
Commenting on his appointment, Pinkes stated: “I’ve long admired R&Q and its position as a leader in the legacy insurance space. With the recent launch of Gibson Re, its offering is more relevant than ever. There exist significant opportunities in the market; I am excited by R&Q’s ambitions to capitalise on these and look forward to working with William and the R&Q team to help deliver on them for both R&Q and its investors.”
Credentials of the US-based stalwart span more than three decades of industry experience. His previous positions include executive vice president, worldwide property & casualty claims and P&C runoff at CNA; global claims head, XL Group; head of claims and P&C runoff, The Hartford; and senior executive legal and claims roles, Travelers.
Pinkes has also been a senior advisor to McKinsey & Company’s insurance practice. Additionally, the incoming chief is currently a board director and advisor for insurance, insurance-related, and technology businesses.