Bermudian-based reinsurer Ariel Re has made two appointments to its senior management team on the island.

Mike Pedraja joins Ariel Re as group chief financial officer, and Tim Shreeve has been appointed as head of platform development. The appointments are effective immediately.

The company, which also has offices in London and Hong Kong, said the additions of Mr Pedraja and Mr Shreeve align with Ariel Re’s vision of being the premier manager of reinsurance risk.

Mr Pedraja will be responsible for leading the finance function as well as capital management and investor relations. Ariel said he has more than three decades of experience in finance, starting his career as an accountant before moving into investment banking.

Mr Pedraja previously served as senior vice-president and treasurer of Allstate Insurance.

The company said Mr Shreeve will be responsible for the further development and operation of Ariel Re’s underwriting platforms.

He joins Ariel Re from Nephila, where he was the head of platform planning, and he has a broad background in finance, reinsurance operations and underwriting, the company said.

Ryan Mather, chief executive officer of Ariel Re, said: “I am delighted to welcome Mike and Tim to Ariel Re and look forward to working closely with them both.

“They are both seasoned leaders with strong expertise who enhance the overall strength of our team. It is a testament to the Ariel Re brand that we continue to attract such world class talent.”

Mr Mather added: “We have a well-established book of business, smart underwriting and market leading portfolio optimisation capabilities that have allowed us to develop strong relationships with brokers and clients in the key classes of business we write.

“Ariel Re has ambitions beyond being a market player. We want to focus on a few lines of business to become meaningful in those spaces. These strategic hires will enable Ariel Re to become a bigger, bolder player in the reinsurance industry and help fulfil our strategy for building a world-class manager of reinsurance risk.”

Ariel Re transacts reinsurance business through offices in Bermuda and London and clean energy business in Hong Kong.

The company operates principally through Syndicate 1910 and SPA 6133 at Lloyd’s and also offers access to Lloyd’s Brussels via LBS Syndicate 5336.

Originally founded in Bermuda as part of the Class of 2005, Ariel Re was acquired by the Argo Group in 2017.

The company regained its independence late last year after it was acquired from Argo by private equity investors Pelican Ventures and JC Flowers.