Vario Global Capital Limited

Whole account reinsurance, collateralised by capital markets

Vario Global Capital Limited

Part of the Bermuda based Vario Group Ltd
  • 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


  • 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


Specialists in transforming underwriting risk into capital markets securities

Bryan Joseph

ILS structuring & Actuarial

Contact: | +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: | +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.

Quentin Moore


Contact: | +44-791-220-7199

Quentin has worked in the insurance industry for over 25 years both as principal and consultant.

He founded CityPlace Analysis Ltd, a leading independent analysis company. He was the inaugrial Head of Research at Lloyd’s leading the creation of Lloyd’s own well-regarded analytic framework.

Quentin set up a previous insurance linked security business with Lehman Brothers and subsequently advised a number of Private Equity funds on their acquisition of insurance companies.

Quentin is the third founding partner of Vario.

Rebecca Elliott

Finance & Accounting

Contact: | +41-797-081-645

Rebecca has over 10 years experience in the insurance and reinsurance industry as a financial accountant, leading audit and consulting teams as a senior manager at PricewaterhouseCoopers in Zurich.

She has led some of the largest global audit teams in the insurance industry, managing all aspects including co-ordination of actuarial, tax and asset management. Her role has also encompassed analysing the accounting treatment of complex transactions both on the asset and liability side.

Rebecca is accredited for a variety of accounting bases including US GAAP, IFRS and local and regulatory reporting, with her industry knowledge recognised by the Swiss Regulator, FINMA.


The Vario group of companies include:

  • Vario Group Limited, registered in Bermuda with number 51191
  • Vario Global Capital Limited, registered in England & Wales with number 10033177
  • Vario Market Services Limited, registered in Bermuda with number 52009
  • Vario Partners LLP, registered in England & Wales with number OC385276

Registered Office

One Fleet Street, London, EC4M 7WS, UK

London Office

21 Lime Street, London, EC3M 7HB, UK