Ascent-Cove group company Optio hires managing director from Allied World

Optio Group, which comprises MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has appointed Todd Germano as managing director of Optio Insurance Services North America.

Germano joins from Allied World Assurance Company (AWAC), where he oversaw the creation of Allied World Programs, among other specialty initiatives, and was most recently executive vice president of global crisis management Insurance. Prior to AWAC, he spent 11 years at American International Group (AIG), where he was the first profit center manager for AIG construction excess. Subsequently, he became the profit center manager for AIG Specialty Excess, which was created to retain the CV Starr business that was previously written as a delegated underwriting authority.

Optio said the appointment is a strategic move that coincides with further development of its US platform as part of its accelerated growth strategy.

Kevin Hastings, CEO of Optio said: “We got to know Todd very well during his time at AWAC and we are extremely pleased to announce he will be joining Optio as our North American MD. His expertise, ingenuity and distinctive leadership style will be of tremendous benefit in our continued expansion into specialty lines of business, delivering underwriting profit to our carrier partners, particularly in our core market, the U.S.”

Germano said: “I am excited to rejoin the wholesale/MGA community, which was such a satisfying part of my early career. I have always respected Optio’s achievements. That and its quality team and excellent leadership are key reasons for my joining. I am confident my experiences will be accretive to the US team and the wider group and I look forward to working with them in driving Optio to achieve its full potential in the U.S.”