Tradition Financial Services has hired Dan Butzbaugh, a weather derivatives structurer at New York-based Willis Re, to fill a newly created position as a structurer in the firm's weather derivatives group. Butzbaugh said he joined Stamford, Conn.-based TFS about two weeks ago after working at Willis Re for more than four years. He reports to Kendall Johnson, senior v.p.
While at Willis Re Butzbaugh reported to Warren Isom, director. Butzbaugh began his career at Willis Re working under Stuart Mercer, who is credited with structuring some of the first weather derivatives deals in the U.S., according to Butzbaugh. Johnson did not return calls before press time. Isom said Willis Re is seeking to replace Butzbaugh, but conceded that it will be difficult to find a replacement with Butzbaugh's expertise at structuring deals. "We wish Dan the best of luck at TFS," Isom added.
