Vario Global Capital Limited
Whole account reinsurance, collateralised by capital markets
Vario Global Capital Limited
Vario has market leading risk modelling capability to offer clients direct capital markets access
Unique expertise in insurance and capital markets
Full transaction project management, including investor distribution, brokers, rating agencies and legal counsel
About
Insurance Capital Enhancement - ICE Notes
Multi-year tenor
Indemnity basis
Simple performance trigger
London Market Loss Warranty - LMLW Notes
One year parametric ILW, trigger based on aggregated results of all Lloyd’s syndicates
Access to cloud based VarioQuant to model basis risk and aggregated Lloyd’s results
Individual collateralised SPV, domiciled in Bermuda, UK or Ireland, issuing notes to capital markets investors
Managing risk appetite
Optimise and protect capital and/or earnings
Diversify pool of available capital
Scalable capacity from $10m - $1bn
Reduce SCR requirements
Traditional reinsurance for insurance clients; fixed income instrument for capital market investors
Team
Specialists in transforming underwriting risk into capital markets securities
Bryan Joseph
ILS structuring & Actuarial
Contact: bryan.joseph@variopartners.com | +44-778-654-3999
Bryan has over thirty years experience in the insurance and reinsurance industry globally.
His experience has spanned the development of capital market solutions, underwriting, pricing and balance sheet restructuring. He has worked with some of the world's largest insurers and reinsurers and assisted them in all aspects of risk management and capital.
He has led the PwC actuarial practice in both the UK and globally. He was designated actuary on a number of the very early ILS transactions.
Bryan is also a non-exec director of XL Catlin UK Ltd.
James McPherson
Project management
Contact: james.mcpherson@variopartners.com | +44-794-986-7448
James is one of the three founding partners of Vario.
Before Vario he was a PwC Partner for 10 years and a qualified Actuary for over 20 years assisting insurers and reinsurers with reserving, pricing, capital efficiency and M&A. At PwC he lead the London Market Actuarial practice.
Whilst in industry with Travelers (previously St Paul), James was a Director of the Lloyd's Managing Agency which grew from less than $100m of premium to over $1bn in seven years.
Rebecca Elliott
Finance & Accounting
Contact: rebecca.elliott@variopartners.com | +41-797-081-645
Rebecca has over 20 years experience in the (re)insurance industry. She qualified as a chartered accountant, leading audit and consulting teams as a senior manager at PwC in London and Zurich.
She has led some of the largest global audit teams in the (re)insurance industry, managing all aspects including co-ordination of actuarial, tax and asset management. She also successfully managed the first solvency model validation assurance assignment globally.
Rebecca is accredited for a variety of accounting bases including US GAAP, IFRS and local and regulatory reporting, with her industry knowledge being recognised by the Swiss Regulator, FINMA.
Michael Watson
Partner
Contact: partners@variopartners.com
Michael is a well-known and highly experienced insurance industry figure, who led the management buy-out of Canopius, developing it into a leading Lloyd's managing agency. The business was successfully sold to Sompo Japan Nipponkoa Insurance in December 2013. He remains executive chairman of Sompo Canopius and led another $1bn MBO of the business in 2017 with private equity backing.
Michael was also recently a member of the Council of Lloyd's and a Board member of the Lloyd's Market Association.
Thought leadership articles
Capital efficiency: Maintaining Lloyd's advantage, 7 November 2018
How to survive the next systemic crisis at Lloyd’s, 20 July 2018
The Brave New World, 15 July 2018
My next door neighbour is having a party - I want to join, 5 April 2018
Insurance Linked Securities (ILS) - London's race to catch up, 28 June 2017
Contact
The Vario group of companies include:
Vario Global Capital Limited, registered in England & Wales with number 10033177
Vario Partners LLP, registered in England & Wales with number OC385276
Registered Office
One Fleet Street, London, EC4M 7WS, UK
VAT Number
348163001