Augment Risk, the new reinsurance brokerage firm with a presence in Bermuda, has announced the arrival of Andrew Matson as chief executive officer.

Mr Matson joins Augment Risk after more than three years at McGill and Partners, where he most recently served as a partner and head of structured solutions.

Before that, he spent nearly 15 years at Aon, including serving as chief executive, global MGA and portfolio solutions.

The company said Mr Matson would build on Augment Risk’s significant traction, having already bound $1 billion of premium in its first year of business.

He said: “Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs.

“I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers and enhancing equity value by better managing capital, reducing earnings volatility and expanding the margins of our clients.

“Our approach has never been done at this scale.”

At the heart of Augment Risk’s approach, the company said, was a focus on the client’s balance sheet, where capital has been blocked from being put to its best use due to operational complexity, vertical barriers and mismanagement of risks.

Augment Risk said it unlocked this opportunity by managing volatility through tailored solutions crafted to optimise enterprise value and were agnostic towards all forms of capital - a key differentiation from the conventional one-size-fits-all approach.

The company said Mr Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses were key to executing the vision of Augment Risk’s broker model.