Our Team
We have built an organisation that attracts people of only the highest calibre, with great experience and expertise.
Management

Vegard Nilsen
CEO

Vegard Nilsen
CEO
Vegard joined Securis as Chief Operating Officer during its start-up phase in 2005, he has since been responsible for all operational aspects of the business and instrumental in building out the Securis infrastructure and team. Vegard is based in London and was appointed CEO in April 2018. In this capacity has the day-to-day responsibility for all aspects of the firm’s world-wide business which comprises of offices in the UK, the US, Bermuda, Switzerland, and Japan. Vegard is a Partner and member of the Executive Committee, Operational Governance Committee and LLP Risk Management Committee. He is a member of the Board of Directors, Remuneration Committee and Group Supervisory Board. Vegard also serves as a Director on a number of additional Securis related entities. Vegard joined Securis in from Orn Capital LLP, a London based multi strategy alternative asset manager. Vegard moved to London in 1998 after graduating from the Norwegian School of Management. He spent the summer of 1997 working as an intern at Salomon Brothers and subsequently joined them full time after graduating.
UK |
Portfolio Managers

Andrea Cavalleri
CIO (Life)

Andrea Cavalleri
CIO (Life)
Andrea is responsible for the Firm’s life portfolio strategy and investment selection. Andrea is a Partner and member of the Executive Committee, as well as co-head of the Portfolio Management Group and Investment Committee. Andrea also attends the Life Origination Committee. Since joining Securis in February 2007, Andrea has been contributing to the creation and growth of the life business, heading the life team for ten years and as Strategic Portfolio Advisor and Portfolio Manager. Prior to joining Securis, Andrea had spent over 10 years with Morgan Stanley in London, which he joined in March 1996. From June 2003 until his departure, he was an Executive Director in Morgan Stanley’s Global Capital Markets Department. As such, he was responsible for the Asset Liability Management/strategic coverage of Italian pension funds and life insurers. Andrea graduated in Financial and Monetary Economics at Bocconi University in Milan, Italy.
Continental Europe |

Herbie Lloyd
CIO (Non-Life)

Herbie Lloyd
CIO (Non-Life)
Herbie is responsible for the Firm’s non-life portfolio strategy and investment selection. Herbie is a Partner and member of the Executive Committee and Loss Reserving Committee, as well as co-head of the Portfolio Management Group and Investment Committee. Since joining Securis in January 2013, Herbie has led the development of Securis’ analytical capabilities, holding key roles in the origination and underwriting of insurance, reinsurance and retrocession transactions, as well as portfolio management. Prior to joining Securis, Herbie led Guy Carpenter’s London Property and Retro Analytics team. Herbie started his actuarial career at Tillinghast (now Willis Towers Watson) in 2002. Herbie holds Honours degrees in both Mathematics and Financial Services and is a Fellow of the Institute of Actuaries (2007).
Bermuda |

Philippe Shaw-Jackson
Portfolio Manager

Philippe Shaw-Jackson
Portfolio Manager
Philippe is responsible for aiding the CIOs with portfolio construction and investment decisions in his role as Portfolio Manager. Philippe is a Partner and a member of the Portfolio Management Group, Investment Committee and Loss Reserving Committee. During his 14+ year tenure at Securis, Philippe has been instrumental in building the Fund Operational and Risk Management frameworks. Prior to joining Securis in November 2006, Philippe worked as an accountant for EMI Records and Discovery Networks having obtained in 2001 a joint Honours Bachelor of Commerce in Business & French from the University of Edinburgh.
UK |

Raphael Rayees
Portfolio Manager (Traded)

Raphael Rayees
Portfolio Manager (Traded)
Raphael is responsible for the analysis and trading of catastrophe bond investments and other liquid securities in his role as Portfolio Manager (Traded ILS). Raphael is a member of the Partners Committee, Portfolio Management Group, Traded ILS Investment Committee and Loss Reserving Committee. Raphael joined Securis in September 2016 from Aon Securities where he was an ILS structurer for four years. Prior to Aon he worked at Lloyd’s of London in Investment Management and Analysis, and at Rolls Royce as an Aerospace Engineer. Raphael graduated from the University of Bath with an MEng (Hons) in Aerospace Engineering.
UK |
Underwriting

Paul Larrett
Head of Non-Life & CUO

Paul Larrett
Head of Non-Life & CUO
Paul heads up the Non-Life team and, in addition, is responsible for non-life transaction analytics, underwriting and ensuring consistency in the way merits of all non-life transactions are compared. Paul is a Partner and regular attendee of both the Non-Life Origination Committee and Investment Committee. Paul has also managed the Securis Bermuda office since May 2014. Paul joined Securis in August 2012, from Montpellier Re where he was responsible for teams in Property Catastrophe, Property Specialty and Other Specialty Treaty underwriting. Previously he worked in the London market as a Treaty Reinsurance Underwriter at both Danish Re and Copenhagen Re, beginning his experience as a graduate in 1992 with Wellington Underwriting Agencies. Paul is a graduate of Bristol University and completed the Wharton Business School Executive Development Programme.
Bermuda |

Richard Godfrey
Deputy Underwriting Officer & Portfolio Manager (Traded)

Richard Godfrey
Deputy Underwriting Officer & Portfolio Manager (Traded)
Richard is responsible for ensuring the underwriting/investment process is robust and consistent across the Non-Life business, with a particular focus on transaction documentation and execution in his role as Deputy Underwriting Office. He holds dual responsibility as a Portfolio Manager for Securis’ catastrophe bond Funds. Richard is a Partner and member of the Traded ILS Investment Committee and Loss Reserving Committee. Richard joined Securis in March 2014 and has over 30 years of experience in the London reinsurance market, having been involved in the origination, structuring and distribution of catastrophe bonds and private risk transfer transactions, since their emergence. During this time, he held senior roles at Willis Capital Markets and Aon Capital Markets. Prior to then, Richard established and ran a business specialising in the arrangement of innovative risk transfer products offering protection to capital providers at Lloyd’s of London.
UK |
Global Investor Relations

Steven Le Moing
Head of Investor Relations & Business Development Continental Europe

Steven Le Moing
Head of Investor Relations & Business Development Continental Europe
Steven is responsible for investor relations and business development in Continental Europe. Prior to joining Securis in January 2023, Steven worked at SCOR Investment Partners from 2012 as Head of Client Solutions – International. Prior to that he worked at Chenavari Investment Managers as Alternative Credit Strategist and has held other roles at SGAM Alternative Investments, Lyxor and Barclays Capital. Steven holds a Master of sciences in Financial Markets (MSc 203) from University Paris-Dauphine.
UK |

Guy Cullen
Head of Investor Relations & Business Development UCITS

Guy Cullen
Head of Investor Relations & Business Development UCITS
Guy is responsible for UCITS dedicated investor relations and business development. Prior to joining Securis in February 2021, Guy spent 10 years at Barclays Wealth Management across a number of roles. In his final position as Head of Alternatives, Guy was primarily responsible for marketing Barclays’ third-party platform of UCITS-compliant Liquid Alternatives funds to Barclays’ clients, Private Bankers, and Investment Advisors across their offices globally. His prior roles included working as part of the Private Equity fundraising team in New York and as part of a number of HNW client coverage teams in the UK. He holds a BA in Economics and Economic History from the University of York.
UK |

Yoshihiro Okamoto
Distribution & Relationship Manager (Japan)

Yoshihiro Okamoto
Distribution & Relationship Manager (Japan)
Yoshi is responsible for investor relations, client service, and consultant relations in Japan. Yoshi is the representative director of Securis Investments Japan, Japanese fiduciary and operation function.
Before joining Securis in June 2023, Yoshi spent over 25 years in the financial industry, primarily asset management businesses with pension clients and financial institutions.
He has intensive experience in investor relation of Insurance-linked securities(ILS) during his time at WTW Japan and has deep knowledge in a wide range of alternative investment products and ALM analysis. Yoshi graduated with a Bachelor of Chemistry degree from Kyoto University, Japan in 1992. He is a Certified Pension Actuary of the Japanese Society and a Certified Analyst of the Securities Analysts Association of Japan.
Japan |
Global Origination

Cahal Doris
Senior Originator (Non-Life)

Cahal Doris
Senior Originator (Non-Life)
Cahal is responsible for the origination of reinsurance and retrocession opportunities across property and specialty lines of business in his role as Senior Originator, Non-Life. Cahal is a member of the Partners Committee, Loss Reserving Committee and Non-Life Origination Committee. Prior to joining Securis in September 2013, Cahal worked for Willis as a Senior Consultant, advising clients on catastrophic risk and structuring natural catastrophe and weather-related insurance products. Prior to that, Cahal spent three years at RMS within their Capital Markets advisory group, where he helped develop their ILS portfolio management software (Miu), structured a number of catastrophe bonds, and advised clients on pricing and portfolio optimisation. Cahal started his career as a Structural Engineer in 2007 at Ove Arup & Partners after graduating from the University of Cambridge with an MEng (Hons) in Civil, Structural and Environmental Engineering.
UK |

Nicholas Thuell
Senior Originator (Non-Life)

Nicholas Thuell
Senior Originator (Non-Life)
Nicholas is responsible for North American reinsurance and Bermuda-based retrocession opportunities in his role as Senior Originator, Non-Life. Nicholas is a member of the Loss Reserving Committee and Non-Life Origination Committee. Prior to joining Securis’ Bermuda team in March 2020, after spending almost ten years with Hiscox in Bermuda where he was a Senior Underwriter, writing the international treaty, risk XS and retrocession books of business. During his time with Hiscox, Nicholas spent a year in London working on the Non-Marine reinsurance team, in addition to two years on the catastrophe modelling team in Bermuda. Nicholas began his reinsurance career after completing a Bachelor of Arts in Economics from the University of North Carolina Asheville in 2008 and a Master’s Degree in Applied Micro Econometrics from the University of North Carolina Greensboro in 2010.
Bermuda |

Antonio Pombeiro
Senior Originator (Life)

Antonio Pombeiro
Senior Originator (Life)
Antonio is responsible for origination and structuring in Securis’ life and health team, with a key focus on esoteric asset-backed securities, private collateralized financing and other securitized investments where the main risk driver is a life/health risk. Antonio is a member of the Life Origination Committee. Prior to joining Securis in March 2018, Antonio worked for Nomura International Plc in the Insurance Solutions Group (IBD) team focusing on capital management solutions for life insurance companies. His experience at Nomura includes transactions such as reinsurance of a closed block of medically underwritten annuities, commission financing and Loss Absorbing Capacity of Deferred Taxes (LAC-DT) solutions among others. Prior to joining Nomura, Antonio worked at Ernst &Young’s Actuarial/FSO services in Portugal focusing on Solvency II implementation. Antonio holds a Master of Science in Statistics (Financial Statistics) from LSE and a BSc (Hons) in Economics and Actuarial Science from University of Southampton. He is a part-qualified actuary by the IFoA.
UK |
Operations

Paul McCabe
COO

Paul McCabe
COO
Paul heads up the Operations and Fund Accounting teams in his role as Chief Operating Officer. Paul is a member of the Partners Committee, Operational Governance Committee, LLP Risk Management Committee and Loss Reserving Committee. Prior to joining Securis in June 2015, Paul built up extensive experience working in Operations for London based asset managers, having previously worked for NewSmith Asset Management and International Asset Management. Prior to that he had roles with IFS Statestreet and Citi in Ireland, and CBA in Australia. Paul is a Fellow of the Association of Chartered Certified Accountants (FCCA) and Chartered Alternative Investment Analyst (CAIA).
UK |
Value Proposition in Non-Life and Life Origination:
Non-Life
- Breadth of origination capabilities across insurance, reinsurance and retrocession.
- Key relationships with brokers and cedents at all levels of the organisations.
- Proprietary view of risk.
- No close links to any insurance companies.
Life
- Dedicated in-house Life actuarial, structuring and legal team.
- Proactive origination approach that leverages a broad network of existing contacts within the insurance, reinsurance, consultancy and banking world.
- Long track-record of completing bespoke, privately negotiated transactions.
- Our team focusses on sourcing life ILS transactions with ‘pure’ biometric risks, not moving into non-core areas that would lower the decorrelation of our offering.
Operational Excellence – a Sustainable Competitive Advantage
- Institutional quality platform.
- Robust in-house operational team and infrastructure alongside rigorous analysis of potential investments and supported by extensive actuarial modelling capabilities.
- Comprehensive compliance framework.

Name
Job Title, Location
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Terms of use
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