Hamilton Re said it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business.
Neither side disclosed financial details. The transaction is expected to close mid-year.
In addition, Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright will join Hamilton Re as chief underwriting officer, Casualty Insurance, and senior vice president, Casualty Insurance, respectively. Hartwig will report to Hamilton Re CEO Kathleen Reardon.
Hamilton Re is the Bermuda-based platform of Hamilton Insurance Group,
“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 said in prepared remarks.
She added that the agreement includes ongoing collaboration to help ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers continue to be met.
Reardon noted that the acquisition of these renewal rights continues the diversification of Hamilton Re’s portfolio. It is parallel, she said, with Hamilton Re’s joint venture with Iron-Starr, which was established shortly after its 2014 market launch.
Mike Duffy, Sompo Canopius group chief underwriting officer, added in prepared remarks that the insurer remains “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.”
Hartwig has nearly 25 years of insurance industry experience, which includes underwriting and management roles based in the U.S., Europe and Bermuda.
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. Previously, Hartwig was employed by ACE Bermuda (now Chubb Bermuda), Starr Excess (AIG CAT Excess) and Employers Re/Frankona. He began his insurance career at the Travelers in Hartford, Conn.
Wright has over 16 years of experience in the insurance industry. Before joining Hamilton Re, Wright held the position of senior vice president and head of Excess Casualty at Sompo Canopius. Prior to that, Wright was assistant vice president at ACE Bermuda (now Chubb Bermuda), underwriting Fortune 1,000 excess liability clients on a broad selection of forms employed in the Bermuda market.
Wright holds a Chartered Property Casualty Underwriter (CPCU) designation from The Institutes and an Associate in Reinsurance (ARe) designation from the Insurance Institute of America.
Source: Hamilton Re