TigerRisk Capital Markets & Advisory has appointed Michael Wade as its UK non-executive chairman.
Wade worked as The UK Crown Representative for Insurance at the Cabinet Office and most recently as an advisor to the current and former Chancellor of the Exchequer on issues relating to insurance-linked securities.
He has also been instrumental in the creation of the regulatory framework which will enable insurance-linked securities (ILS) to domicile in London.
The UK’s ILS regulatory framework is expected to be approved by government later this month and is hoped to be fully in force by the end of 2017, which will mean the UK market can begin to transact in ILS.
In his role as non-executive chairman, Wade will advise the firm as it continues to build its ILS practice in London.
Commenting on the appointment, Tony Ursano, CEO of TigerRisk Capital Markets & Advisory said:
“Michael Wade is a highly accomplished and entrepreneurially minded insurance executive and public servant.
“He recently helped position the London insurance market to become a leading insurance linked securities (ILS) center of excellence. We are excited to partner with him and continue to focus on that agenda.”
Meanwhile, Wade said that joining TigerRisk Capital Markets & Advisory UK will provide him an opportunity to work within the new ILS regulatory framework.
"London has the insurers, the distribution, the credibility, the infrastructure and expertise to make it one of the world's leading ILS domiciles," he added.
Wade has held a career in the London market dating back to 1975, when he began as an underwriter at C E Heath.
Later in his career, he went on to found Corporate Lloyd's Membership Ltd, which became CLM Insurance Fund plc, which was in turn sold to SVB (now Novae) in 1999.
Wade is also a former member of the Council and Committee of Lloyd's.
He was also chairman of London market broker Besso, after he joined a consortium to buy out Wells Fargo's 38 percent stake in 2011. Wade sold his 15 percent holding in the broker and stood down in November 2012.
Wade is currently serving as a senior non-executive director at Neon and a senior advisor to Swiss Re.