Transverse has appointed Paul Goodwin to be its head of business development, while confirming it has attained Class VIII size category.
Goodwin is joining the firm from Partner Re where he served as head of Americas broker relations and senior VP for global clients. He previously spent most of his career with Munich Re where he focused on client and broker relationships.
Dave Paulsson, president of Transverse, said in a statement: “Paul brings a wealth of experience and capability to Transverse. We are excited to build on our current momentum and further strengthen our commitment to our MGA and reinsurance partners.”
Goodwin added: “I am excited to join Transverse Insurance Group and be part of such a dynamic organization. The Transverse ecosystem approach to the hybrid-fronting model will continue to shape the insurance industry and be instrumental to the way that Program business is done. More importantly, I believe the culture and business approach that Transverse brings to the table makes the firm an outstanding choice for program managers and reinsurers.”
Transverse’s attaining Class VIII size category comes after an injection of capital last year, with the insurer raising $48m in December as it looked to grow its business.
Back then, as well as supporting the planned expansion of its hybrid fronting business, Transverse expected this debt and equity raise to see A.M. Best grant its insurance subsidiaries Financial Size Category VIII.
The company says that achieving this status would further its ability to take advantage of growth opportunities within its pipeline.
