Sompo launches automated casualty fac reinsurance operation with Maiden Re hire
Bermuda-based specialty re/insurer Sompo International Holdings has formed a new casualty facultative reinsurance operation to be led by Dave Adams who is joining from Maiden Re.
Adams will join Sompo International Reinsurance as executive vice president, specialty/facultative reinsurance team leader along with an underwriting team experienced in writing individual risk and alternative market business.
Based in Philadelphia, Pennsylvania, the team will offer specialized products in commercial auto and worker’s compensation, serving the niche market. Sompo said it will use automated modelling and pricing system, which will enable ceding company underwriters to efficiently quote and bind these reinsurance contracts.
Adams was most recently executive vice president and team, specialty underwriting leader at Maiden Re, responsible for their facultative, alternative market and programme reinsurance treaties. He will report to Tracy Thomson, executive vice president, head of Americas casualty reinsurance.
“We are extremely pleased to welcome Dave and his team as we expand our casualty reinsurance capabilities. 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,” said Chris Donelan, president & CUO North America reinsurance & head of global casualty reinsurance.
Stephen Young, CEO of global reinsurance at Sompo International, 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.”
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