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Strategic Advisor·Insurance Brokerage

Mark Allitt

Senior Managing Director, Financial Advisory at Teneo

Hamilton, Bermuda

MA
LinkedIn
Why they matter

A go-to Bermuda insurance liquidator/restructuring advisor now leading JPL mandates on major legacy-insurer collapses like R&Q and Northeast Insurance.

Background

Mark Allitt is a Senior Managing Director in Teneo's Financial Advisory practice in Bermuda, with over 20 years of insurance-sector experience, 15 of them based in Bermuda. He joined Teneo in 2023 from KPMG Bermuda, where he was a Senior Partner and led the firm's advisory practice as regional insurance sector leader. He is a Chartered Insurance Practitioner and a member of Bermuda's statutory Insurance Advisory Committee, with engagement experience spanning more than 50 countries across formation, restructuring, and wind-down of insurance entities.

Notable deals

  • 2024
    Appointed (with Michael Morrison and Charles Thresh) as Joint Provisional Liquidator of R&Q Insurance Holdings Ltd by the Supreme Court of Bermuda, following the legacy insurer's collapse
  • 2025
    Appointed (with Michael Morrison) as Joint Provisional Liquidator of Northeast Insurance Co Ltd after a wave of New York childhood sexual-abuse claims rendered the Class 2 Bermuda insurer insolvent
  • 2023
    Joined Teneo's Financial Advisory business in Bermuda as Senior Managing Director, part of a build-out of Teneo's insurance and reinsurance advisory practice after acquiring KPMG Bermuda's restructuring practice

Call-prep brief

Background

  • Senior Managing Director, Financial Advisory, Teneo (Bermuda); joined 2023 after KPMG sold its restructuring practice to Teneo.
  • Former Senior Partner and insurance sector leader at KPMG Bermuda; Chartered Insurance Practitioner; sits on Bermuda's statutory Insurance Advisory Committee.
  • 20+ years in insurance, 15 in Bermuda; engagements across 50+ countries covering P&C and life (re)insurers.

Current focus

  • Leading high-profile Bermuda insurer wind-downs: Joint Provisional Liquidator of R&Q Insurance Holdings (2024) and Northeast Insurance Co Ltd (2025).
  • Broader captive/ILS lifecycle work — formations, captive wind-downs, and structural/operational restructuring for distressed insurance entities.

What they care about

  • Regulatory and creditor-stakeholder outcomes in complex cross-border insurance insolvencies.
  • Bermuda's positioning as a legacy and run-off market hub (active industry panelist, e.g., IRLA Congress).

Recent moves

  • 2023: Moved from KPMG to Teneo as part of a broader senior-talent build-out in Bermuda (alongside Michael Morrison, Charles Thresh).
  • 2024-2025: Named JPL on two major Bermuda insurer collapses (R&Q, Northeast Insurance), raising his profile in distressed-insurer situations.

Potential sensitivities

  • Active court-appointed liquidator roles limit what he can discuss about ongoing matters (R&Q, Northeast Insurance) — expect confidentiality constraints.
  • As a fiduciary/officer of the court in these matters, any conversation implying deal sourcing or advisory conflicts should be handled carefully.

Questions to ask

  1. What early warning signs distinguish a captive or legacy insurer headed for restructuring versus an orderly wind-down candidate?
  2. Which segments of the legacy/run-off market in Bermuda are seeing the most distress or M&A interest right now?
  3. Given his KPMG-to-Teneo move, how did the restructuring/insolvency practice change in scope or mandate size post-acquisition?

Outreach draft

Subject
Bermuda insurance restructuring perspective
Hi Mark, I'm reaching out on behalf of a private equity team studying the insurance brokerage and MGA landscape, with particular interest in distressed and legacy carrier dynamics in Bermuda. Your recent work as Joint Provisional Liquidator on the R&Q and Northeast Insurance matters caught our attention, given the broader signal it sends about stress in the legacy reinsurance market. We'd value a short call to get your read on where distress is building across captives and legacy carriers, and what that implies for brokerage and MGA platforms operating in adjacent segments. Happy to work around your schedule for 20-30 minutes in the coming weeks. Would you be open to connecting? Best, [Your Name]

Sources