Twelve Securis, the specialist insurance-linked securities investment manager, has made some changes to the leadership for its private ILS focused division, with long-standing employee Paul Larrett named as the new Head of Private ILS, as incumbent Herbie Lloyd is set to depart the company.
Paul Larrett, who has been with the company over 12 years, originally at Securis Investment Partners prior to its merging with Twelve Capital, will now take the lead on private ILS and collateralized reinsurance transactions and portfolio construction for Twelve Securis.
Lloyd was the CIO Private ILS and Head of London and Bermuda for Twelve Securis. The company said he has decided to leave to pursue another opportunity outside the firm, but will remain with it until the end of January 2026 to support the transition process.
Larrett has 33 years of industry experience and has worked across both Bermuda and London offices for the ILS investment manager.
Larrett will remain as the Chief Underwriting Officer (CUO) for the company, with oversight across all ILS transactions, but as well as this will now take on the role of Head of Private ILS.
As a result, Larrett will have management responsibilities for the Private ILS team and will also join the Executive Committee of Twelve Securis.
In addition, Larrett will now serve as Co-Head of London, alongside Dinesh Pawar the Head of Insurance Debt.
Twelve Securis is also making a number of further promotions and adjustments to its private ILS and analytics line up.
Cahal Doris has been appointed Chief Investment Officer (CIO) Private ILS and will report directly to Larrett in this role.
Doris has a tenure of 11 years at the firm and 17 years of industry experience. He had been in analytical roles and led the ILS analytics team, but more recently has been focused on Private ILS origination in London, working on the sourcing and underwriting of retrocession, quota share reinsurance and ILW transactions.
Nicholas Thuell now becomes the Twelve Securis Global Head of Origination and Head of Bermuda and will also report to Larrett.
Thuell has a tenure of 5 years with the company and 14 years’ industry experience. Recently his focus has been on leading the origination platform in Bermuda, concentrating largely on US reinsurance transactions and fronted reinsurance portfolios.
Paul Wilson continues in his role as Head of Climate and Catastrophe Research, responsible for the Twelve Securis view of catastrophe risk, and the company said he will soon be expanding his team with an additional hire.
Alexandre Bruls continues in his role as the Head of Private ILS Portfolio Management, working closely with Doris and reporting to Larrett.
Rhodri Morris is going to transition into heading up the ILS Analytics function for Twelve Securis, covering both catastrophe bonds and private ILS, while taking on management responsibilities for investment analysts. Morris will have dual reporting lines to Larrett and also to Etienne Schwartz, CIO Liquid Strategies.
The company stated, “These adjustments draw on the deep experience of our team and are designed to streamline responsibilities. As the integration of Twelve Capital and Securis Investment Partners progresses, the organisational structure ensures continuity in the execution of our Insurance-Linked Securities (ILS) strategies.
“We continue to be committed to managing our clients’ investments with utmost diligence and care. Our established investment processes and service commitments remain unchanged. All activities will continue without interruption, ensuring stability and consistency in the management of your investments.”
