Alesco DA eyes growth in North America with key strategic hires
Specialist binding authority broker Alesco Delegated Authority (Alesco DA) has made key strategic hires from London market brokers Ed and Xact Risk to support its expansion in North America.
Paul Compton (pictured left) joins as operations director, and Simon Stovell (pictured right) as executive director for Americas.
Compton is set to join a 50-strong team in April and report to managing director Donald Alcorn. Stovell will help build Alesco DA’s footprint in North America, grow its current offering and develop new revenue streams.
Compton has over 35 years’ insurance industry experience and joins from specialist wholesale broker Xact Risk Solutions. He has spent his career in the Lloyd’s and London market, starting with the insurance division of chartered accountants Pannell Kerr Forster (now PKF Littlejohn), followed by Lloyd’s broker Stafford Knight, where he spent 15 years, latterly as divisional director. Compton has also held senior financial and operations roles at Primary Group, Apex Insurance Services and Crispin Speers prior to his move to Xact.
Stovell also has over 35 years’ experience in the London market, having predominately focused on the US and Canadian non-marine delegated authority arena, with particular expertise in the property market. Before joining Alesco DA, he was divisional director at Ed Broking, having previously held the positions of senior binder underwriter at Faraday Underwriting and senior broker at several Lloyd’s brokers including JLT, Lonmar and Miller Insurance.
Alcorn said: “I’m delighted to welcome two more great hires into the ever-expanding team here at Alesco DA as we look to build out the business in new and existing areas. North America is a key focus for growth and Simon’s extensive experience and outstanding track record will be invaluable to ensuring our continued expansion. Sustainable growth also demands operational excellence and efficiency, which Paul will be wholly focused on.
“Our business has always differentiated itself by not simply connecting parties and placing capacity contracts, but managing, analysing and optimising them. To do that, while executing on the next phase of our strategic growth and development of our delegated authority offering, requires investment in both the talent we have and additional external expertise. It’s great to have Simon on board and we very much look forward to welcoming Paul.”
Stovell added: “ Alesco DA’s excellent reputation within the market and the opportunity to become part of what they’re looking to build was extremely appealing. With the wider group’s global reach and analytical capabilities, we are well positioned to assist our partners in delivering the very best insurance solutions to their clients in an ever-evolving market landscape. I am incredibly excited to be part of the next chapter.”
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