October 29, 2018
Eric Solash
New York-based global head of capital markets for Victor Insurance Holdings Ltd.
New York-based managing director and head of alternative funding for General Electric Co.
We believe that the alternative capital market in the insurance sector will continue to grow across all asset classes including catastrophe, ILS and reinsurance products. The value proposition for providing insureds a lower cost of capital and diversifying the source of their risk management backstop remains, as does the demand side of the equation from institutional investors who would like noncorrelated yields and higher allocations to this insurance asset class.
Our team would like to build a business unit that brings alternative capital to the industry’s global client base involving multiple lines, including short, medium and longtail business. Victor Insurance launched Alternus in 2017 to provide alternative capital to Marsh’s large commercial clients. There are significant opportunities to also expand alternative capital programs globally. Being a part of the world’s largest managing general underwriter and the only truly global one means we have unique opportunities to efficiently bring coverage and solutions to the market, and I’m thrilled to deliver that to our customers and clients.
The insurance industry is both highly regulated and very competitive. Both clients and Victor face short-term and long-term challenges in terms of changing distribution models, evaluating and implementing new technology, and growth opportunities in new markets. We are taking steps at Victor to address that, including considerable investment in new technology.
I joined a life insurance holding company called Inviva Inc. shortly after the tech bubble blew up around 2002-03. I ran the M&A division of the company, as the organic life insurance platform scaled. My team purchased a $2 billion variable annuity insurer, and also looked to consolidate closed books of life insurance and annuities.
Insurance is a fantastic industry, but there remains so much opportunity to create significant change. Someone new to the industry should try out new ideas and always strive for innovation.
I have already asked Chef Raffaele Ronca if I could volunteer at his restaurant in the West Village until I can cook everything on the menu from scratch like him. He’s the ultimate master of Italian food.
Joining Victor Insurance has been great, as we are a global business and growing across the board. Collaborating with the executive team has been an absolute pleasure, the energy around innovation and creating an agile organizational framework is invigorating. I’m looking forward to executing on the goals and strategies we’ve put together as we build out our alternative capital platform.
I like foreign languages. I can speak French, and am working hard to get better at Spanish, Italian and Portuguese. I also have black belts in Brazilian Jiu-Jitsu and Judo, and formerly competed in the Pan-Am games and World Masters Judo tournaments.
Drink coffee, read several newspapers, gym, play with my three kids, nap – preferably in that order.
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