Re $65M Capital Deployment & Executive Appointments

Re Secures Additional $65 Million Note, Appoints Chief Risk Officer, Chief Investment Officer, and Head of Property and Multiline

George Town, Cayman Islands, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Re has announced the execution of a $65 million investment note between Cover Re SPC Ltd. and the Resilience Foundation. Re also announced three senior appointments: Ken Kurtzman as Chief Risk Officer, Jack Nelson as Chief Investment Officer, and Tim McDermott as Head of Property and Multiline.

Second capital transfer from the Resilience Foundation lifts note capital to $165 million as Re builds out the leadership of its Cayman-based fully collateralised reinsurer

Together, the new capital and appointments strengthen the risk, investment and underwriting functions behind Cover Re's capacity for U.S. and international cedants.

Second Capital Deployment Builds on April Transaction

The $65 million note follows the $100 million note executed in April, bringing total capital deployed by the Resilience Foundation into Cover Re to $165 million. As with the April transaction, the capital was sourced through the Resilience Foundation's onchain capital infrastructure and converted from stablecoins into U.S. dollars.

The funds are held in trust accounts at a qualified U.S. trust institution for the benefit of ceding insurers. The note ranks junior to Cover Re's reinsurance obligations, so obligations to cedants are paid first. Capital positions remain subject to CIMA oversight, with collateral balances independently reported via third-party verification.

The additional capital supports Cover Re's continued expansion across lines of business. In September 2026, Cover Re added treaties in specialty auto, professional lines for startups, and large excess casualty, bringing inception-to-date bound premium to more than $515 million.

"A second transfer of this size shows the April note wasn't a one-off; it's how we intend to grow," said Karn Saroya, CEO of Re. "Every dollar that reaches Cover Re sits in trust, ranks behind our cedants, and is visible to them. That's the standard we'll keep holding ourselves to as capacity scales."

Tim McDermott, Head of Property and Multiline

McDermott will lead Cover Re's property and multiline underwriting, including portfolios that bundle several lines of business into a single treaty. He is responsible for portfolio construction and capacity structuring across these lines, with a focus on deepening relationships with insurers and MGAs.

McDermott joins from ERGO NEXT, the digital small-business insurer acquired by Munich Re's ERGO Group in 2025. As Director of Insurance Product Management, he headed P&C product management and was responsible for the financial performance of a commercial portfolio spanning general liability, professional liability, excess casualty, commercial property and inland marine.

Before ERGO NEXT, McDermott spent more than a decade at Munich Re, building and managing reinsurance partnerships with both technology-focused and traditional insurers. He holds the Chartered Property Casualty Underwriter (CPCU) and Associate in Reinsurance (ARe) designations.

"Tim has backed carriers from the reinsurance side at Munich Re and run a commercial book from the carrier side at ERGO NEXT," said Karn Saroya. "That's the perspective we need to give MGAs and carriers more property and multiline capacity without loosening our underwriting standards."

Ken Kurtzman, Chief Risk Officer

As Chief Risk Officer, Kurtzman will oversee risk management for Cover Re. He will set the types and magnitude of reinsurance risk the company is prepared to underwrite, oversee capital management, and identify, monitor and report enterprise risks to leadership.

Kurtzman brings more than 35 years of actuarial, underwriting and risk management experience. He spent three years as Vice President of Reinsurance and Risk Management at NEXT Insurance, where he led reinsurance purchasing, built the enterprise risk management framework, and oversaw capital management and reserving.

Kurtzman previously spent nine years as Executive Vice President and Chief Risk Officer of Platinum Underwriters, the Bermuda-based property and casualty reinsurer, overseeing property catastrophe, casualty and asset risk. Earlier, he spent nine years at Swiss Re, where his roles included Chief Pricing Officer and head of casualty underwriting at Swiss Re Underwriters Agency, and head of group-wide property and casualty risk management. He is a Fellow of the Casualty Actuarial Society (FCAS) and a Chartered Enterprise Risk Analyst (CERA).

"Ken has been the person deciding how much risk a reinsurer should hold at Swiss Re, at Platinum, and at a Cayman reinsurer he helped build," said Karn Saroya. "Cedants and capital providers both need that discipline at the centre of Cover Re."

Jack Nelson, Chief Investment Officer

As Chief Investment Officer, Nelson will lead the investment strategy for the cash and investment-grade assets backing Cover Re's reinsurance obligations. His remit includes asset allocation, liquidity and duration management against expected claims payments, and alignment of trust assets with collateral and regulatory requirements.

Nelson previously served as Senior Vice President and Chief Investment Officer of Everest Re Group, Ltd., where he oversaw the group's investment portfolio from 2009 to 2021. Nelson holds an undergraduate degree from the University of Utah and a doctorate from the University of Pennsylvania.

"In a fully collateralised model, how the trust assets are invested is as important to cedants as how we underwrite," said Karn Saroya. "Jack has run the investment portfolio of a global reinsurer, and he'll make sure the capital behind every Cover Re treaty is liquid, high quality and there when it's needed."

Building an Institutional Leadership Team

Today's announcements follow the appointments of Paul Rigby as General Counsel and Blanca Qin as Head of Underwriting earlier this year. With dedicated leaders now in place across casualty, property and multiline, risk, investments, and legal, Re has built out the senior team to drive profitable growth.

As a fully collateralised reinsurer, Cover Re's obligations to cedants are backed dollar-for-dollar by assets held in trust. Its programmes follow U.S. and international reinsurance standards under the oversight of CIMA. Re intends to continue expanding its engagement with U.S. MGAs, program administrators, and carriers seeking collateralised quota share capacity across property, casualty and multiline business.

About Re

Re is the brand under which Cover Re, Inc., a Delaware corporation, and its wholly owned subsidiary Cover Re SPC Ltd. operate. Cover Re SPC Ltd. is a fully collateralised reinsurer domiciled in the Cayman Islands and licensed by the Cayman Islands Monetary Authority under a Class B(iii) insurer's licence. It provides quota share reinsurance capacity to insurance carriers, with all obligations backed dollar-for-dollar by collateral held in trust. For more information, visit coverre.com.

Media Contact: [email protected]

Disclaimer: This press release contains forward-looking statements. Such statements include, without limitation, statements regarding Cover Re's capital position, collateralization, reinsurance capacity, regulatory compliance, underwriting strategy, investment strategy, and growth. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including changes in regulatory requirements, market conditions, the performance of collateral assets, and the availability of capital. Cover Re undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

press (at) re.xyz

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