Days after Validus CEO Ed Noonan told analysts about a goal to expand his group’s direct insurance footprint in the United States, Hamilton Insurance Group CEO Brian Duperreault said his company seeks to grow beyond reinsurance as well.
During an interview with Carrier Management earlier this week, Brian Duperreault, the CEO of Hamilton Insurance Group, confirmed that he is also on the hunt for vehicles to grow the insurance side of the business—in either the United States or in London.
With a Class 4 Bermuda license, the group’s Hamilton Re operation can write both reinsurance and insurance from Bermuda, although the focus now is solely on the reinsurance side, he said.
As for insurance, “we have nobody doing that at the moment,” Duperreault said, responding to the question of whether the Bermuda operation might be gearing up to write the type of specialized large-limit insurance business that is typical of a Bermuda insurance operation—like ACE Limited, the company that he led back in the 1990s.
“Most people ask me that question [about writing insurance], and what they’re really getting at is [whether we’ll be] doing insurance in the U.S. or doing insurance in London, which is something I am looking at.”
Asked specifically if that meant he might look to buy a shell company in the United States or a Lloyd’s syndicate, Duperreault replied in the affirmative. “Correct,” he said.
The complete interview with Brian Duperreault will be featured in the next print edition of Carrier Management, which will be published in June.