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Peter A. Appel

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Peter A. Appel
Born1962 (age 57–58)
🏳️ NationalityAmerican
Other names
🏫 EducationColgate University and Harvard Law School
💼 Occupation
Non-Executive Chairman of Aeolus Capital Management LLC
💵 Salary :
🏡 Home townBedford, New York

Peter A. Appel (born 1962)[1] is an American entrepreneur, investor and former business executive. Appel, a Founder and former President and Chief Executive Officer of Arch Capital Group Ltd.,[2][3][4] is currently the Non-Executive Chairman of Aeolus Capital Management LLC,[5][6] an asset management firm he founded in 2011 and oversaw as Chairman and CEO until it was sold to Elliott Management in January 2017.[7][8]

Career[edit]

In 2011, Peter Appel formed Aeolus Capital Management to manage capital on behalf of investors seeking exposure to the property catastrophe reinsurance and retrocession markets.[9] The company raised and deployed over $1.2 billion of capital in its first year as an asset manager[5] and today has $3 billion of assets under management.[10] In December 2012, Allied World Assurance Company acquired a minority stake in Aeolus Capital.[11][12] A sale of Aeolus Capital to Paul Singer (businessman)'s Elliott Management Corporation was announced in November 2016[13] and closed in January 2017.[10] Elliott has been a long-time investor in funds managed by Aeolus Capital.[6] Aeolus Capital has been ranked by Barron's as one of the best performing hedge funds in the world.[14]

In July 2006, Appel and David Eklund founded Aeolus Re, a Bermuda-based property catastrophe reinsurance company whose initial investors included Warburg Pincus and Bank of America Merrill Lynch.[15][16][17] Prior to transforming Aeolus into an asset management company in 2011,[18] Appel served as Chairman and CEO of Aeolus Ltd.,[19][20] the parent company of Aeolus Re, which became a global leader in providing collateralized property catastrophe reinsurance protection and the largest provider of property catastrophe retrocessional protection in the world. Since inception, Aeolus Capital and Aeolus Re have deployed over $25 billion in the reinsurance and retrocessional markets.[18][10]

Before founding Aeolus Re, Appel was a founder of Arch Capital Group Ltd., a publicly traded global insurance and reinsurance company (NASDAQ: ACGL). He served as its President and CEO from May 2000 through July 2003.[21] During this period, he oversaw Arch Capital's transformation into a worldwide property and casualty insurance and reinsurance company[1] before he was succeeded by Constantine "Dinos" Iordanou.[3][22][4] Appel remained on Arch Capital's Board of Directors through May 2006.[23] Arch Capital has a market capitalization in excess of $10 billion.[24]

Appel was also the lead investor in the acquisition and recapitalization of Tri-City Brokerage LLC, one of the largest independent wholesale insurance brokerage firms in the United States, prior to its sale to Bisys in March 2003.[25] Appel has been a founding investor in a number of start-ups in the insurance industry and has served as lead investor in companies outside of the insurance industry.[26] Appel has an ownership interest in the Houston Astros.[26]

Prior to his career as an entrepreneur, investor and business executive in the insurance and reinsurance industry, Appel was a partner at Willkie Farr & Gallagher,[1] where he practiced corporate law from 1987 to 1995.[27]

Education[edit]

Appel graduated from Colgate University in 1984 and Harvard Law School in 1987.[1]

Personal[edit]

Appel, formerly of Bedford, New York,[28] resides in Miami, Florida.[29][30]

References[edit]

  1. 1.0 1.1 1.2 1.3 "Rising Stars: Peter A. Appel", Business Insurance, October 7, 2002.
  2. "Arch Capital Bermuda Sub Fully Funded", Insurance Journal, November 21, 2001.
  3. 3.0 3.1 "Arch Capital Group Names Iordanou President and CEO", Insurance Journal, July 15, 2003.
  4. 4.0 4.1 "Arch Capital Group Ltd. Names Constantine Iordanou President and Chief Executive Officer", Business Wire, July 14, 2003.
  5. 5.0 5.1 "Aeolus Hits $1.2 billion Under New Structure", Trading Risk, February 16, 2012.
  6. 6.0 6.1 "Elliott closes acquisition of Aeolus controlling interest | Artemis.bm". Artemis.bm - The Catastrophe Bond, Insurance Linked Securities & Investment, Reinsurance Capital, Alternative Risk Transfer and Weather Risk Management Blog. 2017-01-06. Retrieved 2017-01-16.
  7. "BRIEF-Elliott to acquire a controlling interest in Aeolus Capital Management Ltd". Reuters. 2016-11-01. Retrieved 2017-01-16.
  8. "Elliott completes Aeolus acquisition | The Insurance Insider". www.insuranceinsider.com. Retrieved 2017-01-16.
  9. "Aeolus Raises $500 Million for Mid-Year Renewals", The Insurance Insider, June 13, 2011.
  10. 10.0 10.1 10.2 "Elliott Acquires a Controlling Interest in Aeolus". Retrieved 2017-01-16.
  11. Newswire, PR (2012-12-18). "Allied World And Aeolus Capital Management Announce Strategic Partnership". TheStreet. Retrieved 2017-01-16.
  12. "Allied World takes stake in collateralised reinsurer Aeolus | The Royal Gazette:Bermuda Re-Insurance". The Royal Gazette. Retrieved 2017-01-16.
  13. "Elliott investing in Aeolus for the long term: Appel | Trading Risk: Insight and Intelligence on (Re)insurance Convergence with the Capital Markets: Catastrophe Bonds, Insurance-linked Securities, ILS funds". www.trading-risk.com. Retrieved 2017-01-16.
  14. "Barron's 2016 List: Best 100 Hedge Funds". Retrieved 2017-01-16.
  15. "Aeolus Tops $1 Billion Capital", The Royal Gazette Online, January 5, 2007.
  16. "Warburg, Merrill Pump Up Aeolus’s Coffers", FIN Alternatives, January 5, 2007.
  17. "Aeolus Re Expands Capital to $1 Billion", The Insurance Insider, January 5, 2007.
  18. 18.0 18.1 "Aeolus in Fundraising Drive as Restructure Takes Place", Trading Risk, April 8, 2011.
  19. "New Bermuda CAT Reinsurer Formed", P&C National Underwriter, July 26, 2006.
  20. "Aeolus Re Announces Entry into Global Reinsurance Market with $500 Million Equity Commitment from Group Led by Warburg Pincus", PR Newswire, July 26, 2006.
  21. "Risk Capital Holdings, Inc. Closes Sale of Reinsurance Operations and Changes Name to Arch Capital Group Ltd.; Peter A. Appel Becomes President and CEO", Business Wire, May 5, 2000.
  22. "Dinos Iordanou Takes Over from Peter Appel at Arch", Insurance Finance & Investment, July 21, 2003.
  23. "Arch Capital Group Ltd. DEF 14-A", Filed April 1, 2008.
  24. "ACGL : Summary for Arch Capital Group Ltd. - Yahoo Finance". finance.yahoo.com. Retrieved 2017-01-16.
  25. "BISYS Purchases San Francisco's Tri-City Brokerage", Insurance Journal, March 17, 2003.
  26. 26.0 26.1 "Agency Management System & Agency Management Platform". Agency Management System & Agency Management Platform. Retrieved 2017-01-16.
  27. Crombie, Roger. "Golden Arches", Bermudian Business, Summer 2001.
  28. "Buildings: Homes–Celebrity–Business", Virtual Globetrotting, October 20, 2009.
  29. "Coconut Grove estate sells". The Real Deal Miami. 2015-03-13. Retrieved 2017-01-16.
  30. "Peter Appel's House in Miami, FL (Google Maps)". Virtual Globetrotting. 2016-07-08. Retrieved 2017-01-16.

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