Bermudian-based Somers Group Holdings Ltd has appointed industry veteran John Patin IV as chief investment officer.

The company said Mr Patin is responsible for overseeing Somers’s overall investment strategy and directing investment managers.

Somers said Mr Patin has more than two decades of experience managing investments for (re)insurance companies.

He most recently served as the senior investment officer for Starr Insurance Companies, and he has also held senior investment positions at Allied World Assurance Company and Alterra Capital Holdings.

“I’m pleased to welcome John as Somers’s first CIO,” Somers CEO Liz Cunningham said. “John’s demonstrated history of delivering results, combined with his creativity and thought leadership, will add strength and expertise to the Somers executive team.”

Somers, which is owned by Arch Capital Group Ltd, Kelso & Company and Warburg Pincus, said it is focused on delivering flexible, creative services to clients worldwide through diversified insurance and reinsurance offerings.

“As Somers has matured, so has the sophistication required to manage our investment approach,” said Maamoun Rajeh, CEO and chairman of Arch’s Worldwide Reinsurance Group.

“The expertise and rigour John brings to the table are critical as we optimise Somers’s asset base, which now exceeds $3 billion.

“Establishing a comprehensive investment framework and working closely with our asset managers are important building blocks to the long-term success of the company.”

Mr Patin said: “I’m thrilled to join Somers at this stage of its development, and to partner with the executive management team to elevate the investment function at scale.

“I’m also keen to leverage the investing acumen of the shareholder group of Arch, Kelso and Warburg Pincus, all of whom are well known to me and highly regarded as leaders in their respective industries.”