Bermuda-based Hamilton Re, part of the Hamilton Insurance Group, has acquired the renewal rights to Sompo Canopius’ excess casualty insurance book of business and also takes the two underwriters, Stephen Hartwig and Jeremy Wright, across to the firm.
Hamilton Re will take on renewing the Canopius Underwriting Bermuda Limited excess casualty book, in a transaction expected to close around the middle of the year. The deal will extend Hamilton Re’s diversification, providing it with a new source of revenue and risk that will further grow its platform.
Hartwig and Wright will join Hamilton Re as Chief Underwriting Officer, Casualty Insurance, and Senior Vice President, Casualty Insurance, respectively. Hartwig will report to Kathleen Reardon, CEO of Hamilton Re.
Reardon commented on the transaction; “We’re delighted that Steve and Jeremy will be joining the Hamilton Re team. Bermuda has long been recognized as a strong excess casualty market, so we’re pleased to be able to establish an important presence with underwriters of Steve and Jeremy’s caliber and with the esteemed roster of clients they have developed.
“It’s also been a real pleasure to work with the management team at Sompo Canopius as we’ve developed the terms of this transaction. The agreement includes ongoing collaboration designed to ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers are met efficiently and effectively.
“From a strategic perspective, the acquisition of these renewal rights continues the diversification of Hamilton Re’s portfolio. This new initiative will run in parallel with our joint venture with Iron-Starr, which was established shortly after our market launch in 2014, a partnership that remains strong. The Property D&F Insurance team we added in 2016 has made significant inroads into the market. Taken together, this expanded offering gives Hamilton Re the ability to provide tailored solutions and exceptional service which are part of our core values.”
Mike Duffy, Sompo Canopius Group Chief Underwriting Officer, added; “We are pleased to have reached this agreement with Hamilton Re, which provides a great long-term home for the business, especially taking on the knowledge, expertise and relationships of Stephen Hartwig and Jeremy Wright.
“We remain committed to our property catastrophe business that is also written out of our Bermuda office, and look forward to continuing to work with our partners in Bermuda, particularly Hamilton.”
Hartwig has 25 years of re/insurance experience and most recently spent nine years working for Sompo Canopius in Bermuda, most recently as CEO of the Bermuda Office and Group Head of Casualty. Prior to that, Hartwig worked for ACE Bermuda (now Chubb Bermuda), Starr Excess (AIG CAT Excess) and Employers Re/Frankona.
Wright has more than 16 years of industry experience. He was most recently Senior Vice President and Head of Excess Casualty at Sompo Canopius and before that Assistant Vice President at ACE Bermuda (now Chubb Bermuda), underwriting Fortune 1,000 excess liability clients on a range of Bermuda market forms.