Veteran reinsurance executive Andre Perez has launched Nascent Group, an independent, technology-driven service provider to the financial industry.

The group has obtained the approval of the Bermuda Monetary Authority to license two subsidiaries, Nascent Insurance Management Ltd as an insurance manager and Nascent Re Ltd as a reinsurance transformer.

Mr Perez was the founder and CEO of the Horseshoe Group, which was the largest ILS service provider when it was acquired by Artex Risk Solutions in 2019.

The launch of Nascent Group comes about one month after he announced the establishment of the H2 Group, an ILS-focused technology company.

Mr Perez said: “While these two companies will remain autonomous, their partnership in developing a technology-driven insurance service provider is pretty powerful and will allow for rapid adaptation in satisfying investor needs.

“Not only will we have access to leading-edge technology through H2 Group, but our deep experience at Nascent will utilise that technology to vastly improve our ability to be an agile, value-adding service provider.”

Expanding on the partnership between companies, Mr Perez added: “Licensing H2’s RUDDR, which is a state-of-the-art policy management system, is just one example of how rapidly developing technology is going to become a game changer for us and the financial service industry. We cannot afford to remain complacent.”

Nascent Group said it was aiming to create a new breed of best-in-class services providers that would use emerging technology to reimagine the ILS servicing space and hopefully restore investor confidence while doing so.

Mr Perez will be the chairman and CEO of the Nascent Group.

He will be joined on the board by Horseshoe co-founder and industry veteran Nigel Godfrey as well as Alison Morrison, founder of Bermuda Compliance Consultants.

The company’s subsidiaries, Nascent Insurance Management and Nascent Re, will be licensed in the first instance to operate in Bermuda and will eventually seek licenses to other offshore jurisdictions and the United Kingdom.

While Nascent Group’s initial focus will be on the ILS sector, it plans on expanding its services to insurance, traditional reinsurance, MGA/MGUs, captives and fund administration.