Pillar Capital has appointed Stephen A. Velotti Chief Executive Officer effective immediately, the Bermuda-based insurance asset management company said in a press release today.
Velotti was formerly the company's chief investment officer.
Pillar’s Board of Directors said in the release, “Steve has played an integral role in helping Pillar assemble a track record that has exceeded our expectations in our first five years of operations. His appointment as Chief Executive Officer is a natural next step for both Steve and the Company and we are looking forward to Pillar’s future growth and success under his leadership.”
"I am delighted to lead Pillar as we move to our next stage of growth," stated Velotti. "We’ve just celebrated our five-year anniversary, a very significant milestone for the fund, and we’re well positioned to execute on our strategic roadmap for the future. We enjoy the strong backing of an outstanding sponsor group led by our largest non-management investor, Transatlantic Holdings, and we are focused on expanding our investor base, adding more talent to our core team and scaling our operations. It’s an exciting time for Pillar,” he said.
Velotti has nearly 25 years of insurance and reinsurance experience, including strong expertise in property underwriting. He joined Pillar as portfolio manager upon its formation in 2008. In June 2009 he was promoted to chief underwriting officer and in March 2011 to chief investment officer.
Pillar is a Bermuda incorporated investment manager focused on investing in insurance related instruments. Specifically, Pillar focuses on property catastrophe risk, including CAT-Bonds -- insurance-backed bonds containing a provision causing interest and/or principal payments to be delayed or lost in the event of a specified catastrophe, such as a hurricane, flood, or earthquake -- and primary reinsurance. Pillar was formerly Juniperus Capital.