Hamilton Re acquires Sompo Canopius excess casualty renewal rights
Hamilton Re, the Bermuda-based property/casualty reinsurer of Hamilton Insurance Group, has agreed to acquire the renewal rights to Canopius Underwriting Bermuda's (Sompo Canopius) excess casualty insurance book of business. The transaction is expected to close mid-year.
Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright will join Hamilton Re in the positions of chief underwriting officer of casualty insurance and senior vice president, casualty insurance, respectively. Hartwig will report to Hamilton Re CEO Kathleen Reardon.
Prior to joining Hamilton Re, Hartwig spent nine years with Sompo Canopius in Bermuda, most recently as CEO of the Bermuda office and group head of casualty. He has previously worked with ACE Bermuda (now Chubb Bermuda), Starr Excess (AIG CAT Excess), Employers Re/Frankona and Travelers in Hartford, Connecticut.
Wright held the position of senior vice president and head of excess casualty at Sompo Canopius. Prior to that, he was assistant vice president at ACE Bermuda.
"We're delighted that Steve and Jeremy will be joining the Hamilton Re team," said Reardon. "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."
Reardon added: "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, commented: "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."
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