Bermudian property and casualty re/insurer Sompo International has announced the launch of a new Casualty Facultative Reinsurance operation, to be led by Dave Adams, who has been appointed as Executive Vice President, Specialty/Facultative Reinsurance Team Leader.
Adams will join Sompo International Reinsurance this week alongside an underwriting team of seven specialists in individual risk and alternative market business that Sompo International acquired from Maiden Holdings.
The company said that the new team will expand the its profile in the facultative reinsurance market by providing specialised product offerings in Commercial Auto and Worker’s Compensation that serve the needs of a niche market.
Sompo International added that the team will utilise an automated modelling and pricing system to enable ceding company underwriters to efficiently quote and bind these reinsurance contracts.
The underwriting team will be located in the Philadelphia, Pennsylvania area, and, as Team Leader, Adams will report to Tracy Thomson, Executive Vice President, Head of Americas Casualty Reinsurance.
Adams has more than 30 years’ industry experience and joins Sompo International from Maiden Re, where he most recently served as Executive Vice President and Team Leader, Specialty Underwriting, with responsibility for facultative, alternative market and program reinsurance treaties.
“We are extremely pleased to welcome Dave and his team as we expand our casualty reinsurance capabilities,” said Chris Donelan, President & Chief Underwriting Officer (CUO) North America Reinsurance & Head of Global Casualty Reinsurance.
“The new team is highly regarded in the market and will complement our strong casualty treaty business, as well as our facultative reinsurance offerings in the professional liability area,” Donelan continued.
Stephen Young, Chief Executive Officer (CEO) of Global Reinsurance at Sompo International, also commented, “We continue to seek opportunities to leverage Sompo International’s capital and global presence in the reinsurance market. This new team will enable us to service additional clients and to advance our technical capabilities as we continue to enhance Sompo’s relevance in the facultative market.”
Lawrence F. Metz, President and CEO of Maiden Holdings, added: “We are pleased to announce this agreement with Sompo Group and to provide new opportunities for the specialists within the Maiden facultative team.”
“This agreement is another step in our continuing strategic review and follows our previously announced renewal rights transaction with Transatlantic Reinsurance Company and the sale of Maiden Reinsurance North America, Inc. to Enstar Holdings (US) LLC.”