Brookman was named senior vice president and will be chief operating officer of the asset-management business, the Bermuda-based reinsurer said today in a statement. He reports to William Pollett, chief corporate development and strategy officer.
Investors such as pension funds are wagering on securities tied to insurance risks like natural disasters, as low yields pressure returns on traditional bonds. Montpelier last year sold shares in its Blue Capital Reinsurance Holdings Ltd. subsidiary.
Brookman “is a great addition to Montpelier at a key time in the evolution of our alternative capital products,” Pollett said in the statement.
Reinsurers have been adding Wall Street expertise as investors look for bets that are less correlated with stock and bond markets. Axis Capital Holdings Ltd. (AXS) added Edgar Bautista and Sandeep Ramachandran from Morgan Stanley (MS)’s commodities unit last year as part of an expansion into markets tied to weather. XL Group Plc hired Craig Wenzel from Deutsche Bank AG (DBK) for a push into insurance-linked securities.
At Barclays, Brookman was head of insurance-linked structuring in the global markets division. He previously worked at Merrill Lynch and Benfield Advisory, Montpelier said. Brandon Ashcraft, a spokesman for London-based Barclays, declined to comment.
Montpelier gained 0.3 percent to $27.91 at 4:15 p.m. in New York trading. The shares advanced 19 percent in the past year.
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