Reinsurance broker Inver Re, a unit of Ardonagh Specialty, has hired Steven Rance as its head of specialty.  

In the newly created role, Rance will be responsible for overseeing a range of sectors including credit, marine, cyber, parametrics, motor and group solutions.  

Operating out of London, he will report directly to Inver Re London CEO Jonathan Prinn. 

Rance most recently worked at Gallagher Re, where he held the role of managing partner and head of global mortgage.  

His 35-year experience in the insurance industry includes a decade as head of global mortgage at JLT, as well as leadership roles at US mortgage insurer Radian and Genworth, where he was managing director for structured transactions. 

Commenting on Rance’s appointment, Prinn said: “It is fantastic that Inver Re has attracted someone of Steven’s calibre to create its specialty division and lead the growth of our credit proposition.  

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“The skill he brings to Inver Re will hugely support our growth journey as we cement ourselves as a reinsurance broker that truly offers something different to the market.” 

Rance added: “In addition to setting up the specialty division I am also looking forward to realising the opportunities for Inver Re in the credit space, which will help support home ownership, house building and, in turn, the wider growth of our credit business.” 

Earlier this month, Ardonagh Advisory, part of the Ardonagh Group, expanded its portfolio by acquiring Solutions Healthcare, a broker that provides insurance services to commercial and individual clients throughout the UK.  

Furthermore, last month, Ardonagh Advisory strengthened its position in specialised insurance for private clients by acquiring Hoxton Risk Services. 

Hoxton Risk Services was founded in 2020 by high-net-worth underwriting expert Justin Gott, and offers policies covering vehicles, residential and investment properties, and travel.