Price Forbes Re (PF Re) has appointed Sherman Power (pictured above) as executive vice president, alternative risk and capital solutions. Based in Dallas, Texas, Power will report to Pat Rastiello, CEO of Price Forbes Re, North America.
In this newly created role, Power will collaborate with the treaty reinsurance team to support growth capital and reserve covers, expanding PF Re’s reinsurance capacity in evolving insurance markets.
He brings nearly 30 years of experience in insurance and reinsurance, with a background in both underwriting and broking.
Power joins PF Re from Aon Re, where he led the US structured solutions team and served as global head of innovation, Capital Advisory. Before Aon, he led Swiss Re US’s regional and large structured solutions team. Over his career, he has held several senior positions and managed teams across multiple business lines.
In other people moves, PF Re also recently announced the appointment of Isidora Alemparte as wordings director, a newly created role responsible for overseeing the strategy, delivery, and integration of contract management within the firm.
Price Forbes Re’s further expansion in the sector comes amid a surge in the need for alternative risk and capital solutions across the globe.
The alternative risk transfer (ART) segment has experienced notable growth in recent years, driven by evolving market conditions and a demand for innovative risk management solutions. ART encompasses non-traditional insurance mechanisms, such as structured programs, parametric insurance, and catastrophe bonds, offering tailored approaches to risk financing.
In 2024, the ART market saw increased interest, particularly from clients with complex risk profiles or adverse loss histories.
According to WTW, structured and parametric solutions have become prominent, addressing coverage gaps and providing alternatives to traditional insurance placements. This trend is expected to persist into 2025, as organizations seek customized risk transfer options.
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