MultiStrat has named Nadia Chychrun as Chief of Staff and Group Senior Director of Program Change, and Paul McCabe as Executive Director – Operations (COO), while also entering a definitive agreement to provide underwriting and liability management services for a casualty reinsurance vehicle it established with a $100bn+ alternative asset manager.
Both Chychrun and McCabe will join MultiStrat’s executive team, and report directly to Forness.
Chychrun is based in Bermuda, and will coordinate strategy, oversee high-impact projects at MultiStrat. Most recently, she served at The BEST Group in Bermuda as Head of Finance and Chief Financial Officer.
Before this, Chychrun held multiple finance, accounting and compliance roles with firms in Toronto, London, and Bermuda, including Details Management, JordanDorsetRyvita, Ideaca Knowledge Services, and London Life Insurance Company.
She began her career as an Auditor for PricewaterhouseCoopers and Ernst & Young in Bermuda.
Meanwhile, McCabe will be based in London and oversee the full scope of MultiStrat’s operational functions, including directing finance operations, valuation processes, operational risk management, fund accounting, internal controls, technology integration, and change management initiatives.
He has over two decades of industry experience, and joins from Securis Investment Partners, where he spent the last decade, most recently as both Chief Operating Officer and Chief Risk Officer.
Forness added, “This is an exciting time at MultiStrat as we welcome Nadia and Paul to our executive team. As we continue to add exceptional new talent to our team to meet growth demands, both our new hires bring a wealth of industry experience to their roles in the organisation that will invigorate our evolution and transformation.”
Chychrun stated, “I am thrilled to be joining the MultiStrat team. The pioneering work the company has been doing in the Casualty ILS space has been impressive to watch, and I am looking forward to working with MultiStrat’s executive team to support the company’s continued growth trajectory as they expand their footprint into other lines of business and territories.”
McCabe said, “MultiStrat is widely recognised as an innovator in our industry, which makes it a particularly exciting time to join the team. I am eager to oversee the firm’s operations and help drive its growth as it broadens its collateralised reinsurance offerings into new sectors and markets.”
Lastly, the new reinsurance vehicle will be capitalised through an equity investment by a large institutional asset manager, and MultiStrat will provide underwriting expertise and liability management services.
Deutsche Bank Securities Inc. acted as exclusive structuring and placement agent on the transaction.
Weston Tompkins as Executive Director, Capital Markets, MultiStrat, added, “This capital investment marks a significant milestone in the development of innovative risk-transfer solutions and reflects our investor’s strategic commitment to building a long-term presence in the casualty re/insurance sector.”
Stephen Wollman, Head of US FIC Structuring at Deutsche Bank, commented, “Deutsche Bank was pleased to work with MultiStrat on originating and placing this innovative transaction, which follows a string of successful financing and capital formation assignments that our team has led in the insurance sector over the last few years.”
Philippe Kremer, Head of FIG Solutions at Deutsche Bank, added, “MultiStrat has the ability to create bespoke transactions and insurance liability risk profiles to cater to investors’ needs. It is precisely this flexibility that allowed MultiStrat to secure a capital investment from a large institutional asset manager with over $100bn of AUM, which will act as the capital provider on the transaction and has also curated a liability matching asset portfolio with a focus on private and structured credit assets.”
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