Carbon Underwriting announces new chief financial officer

Independent managing general underwriter Carbon Underwriting has appointed Alex Poracchia as its new chief financial officer.

In his new position, Poracchia will oversee the MGU’s global financial operations and be responsible for enhancing its capabilities as the company grows.

He will bring over 30 years of financial leadership experience from roles at Swiss Re, Zurich and Everest Insurance, alongside consulting positions at Deloitte in actuarial and finance.

Most recently, he served as transformation director at Asta Capital.

Nick Tye, founder and chief executive at Carbon, said: “Our immensely talented team continues to grow and we are thrilled to welcome Poracchia to the Carbon family at this crucial stage in our journey.

“His extensive market experience will not only bolster our financial leadership, but also guide us through the opportunities ahead as we prepare for the next level of success.”

Syndicate launch

The appointment follows the MGU recieving in-principle approval for the launch of Syndicate 5757 in July 2024.

This green light is viewed as a significant step for Carbon, marking its second syndicate at Lloyd’s.

Syndicate 5757 will be a technology-driven initiative centred on Carbon’s proprietary ecosystem, Graphene.

Poracchia said: “As an actuary and finance professional, I have a deep passion for adopting smarter data-driven [initiatives], overcoming inefficient practices that are challenging the industry. So, naturally, I’ve been following Carbon’s incredible journey.

“I have been impressed by the team’s warm, innovative and unique culture – this is undoubtedly the key ingredient that has propelled the business’s achievements so far.”