Industry veteran Mark Shumway has been appointed as head of the new advisory practice at Inver Re, the Bermudian-based global reinsurance broking arm of the Ardonagh Group.

Inver Re, which launched in 2021, has doubled in size in the past year to employ 100 experts across the major reinsurance hubs of Bermuda, London and the United States, and says it is now the largest independent broker on the island.

Mr Shumway was previously head of advisory at Howden, where he launched Howden Capital Markets, after being JLT Re’s global head of advisory and managing director at Guy Carpenter.

Mr Shumway spent more than 20 years advising management teams on the launch of new (re)insurance carriers and the expansion of others, bringing fresh capacity to the market.

He has also guided multiple funds in their early investments in (re)insurance risk on a collateralised basis and arranged investment in capacity vehicles.

At Inver Re, he will lead a new advisory practice, working with a growing team of analytics specialists who support clients with bespoke solutions and insights.