Price Forbes & Partners (Bermuda) Limited has appointed William Wood as senior vice president of its newly created Insurance Management unit.

The company said Mr Wood is a 27-year veteran of the Bermuda re/insurance marketplace having served in a variety of disciplines.

He joins after a brief term as director of captives and commercial insurers at Artex Risk Solutions (Bermuda) Limited and before that was CEO of Charles Taylor’s captives business for six years.

The company said Mr Wood started his career in captive management before moving to the commercial re/insurance industry covering a number of roles in capital modelling, rating agency relationship management, accounting, underwriting and claims with XL Capital, Everest Re and Centre Solutions, before taking the position of treasurer and controller at Nissan Global Reinsurance Limited.

Price Forbes, part of top 20 global broker and the UK’s largest independent broking platform, The Ardonagh Group, said it sees captive management as a natural fit to its reinsurance brokerage business as well as providing a platform for other business opportunities within the wider Ardonagh Group.

As part of this initiative, Price Forbes Bermuda said it was recently granted an insurance managers license by the Bermuda Monetary Authority.

Nick Foden-Pattinson, president of Price Forbes & Partners (Bermuda) Limited, said: “We are delighted to welcome William to build out the insurance management operation for us. His depth and breadth of experience is just what we need to start a new captive management platform.”

Mr Wood added: “I’ve known and worked with the team for a number of years and so was excited when I was asked to set up a captive management operation as a compliment to their Bermuda brokerage platform.

“It's great to be involved in something new but also because of the variety of opportunities expected from across the wider Ardonagh Group, as well as the unique operating structure of the new enterprise.”

James Masterton, CEO of Ardonagh Specialty, said: “As we continue our investment in the Bermuda space we are delighted to attract high-calibre talent such as William into our new captive management business.

“Across all Ardonagh Specialty’s businesses, we remain committed to delivering independent placement and advice to clients in all our regions and the continued growth of our Bermuda team is key to us delivering on that.”