Bob Deutsch, Hamilton Insurance Group’s first-ever chief strategy officer, is leaving his position.
Deutsch’s planned departure after three years on the job is connected largely to several corporate actions that advanced Hamilton’s business plan after Brian Duperreault left his leadership role at the company to become president and chief executive officer of the struggling American International Group on May 14.
“I feel a lot of what [Duperreault] hired me to accomplish has been accomplished, and now with the strategy laid out for each of the platforms, I think it is now an appropriate time to leave,” Deutsch told Carrier Management in an exclusive interview.
With Duperreault’s departure, AIG, Hamilton and Two Sigma Investments affiliate Two Sigma Investments Quantified signed a multifaceted deal to, in part, have AIG acquire Hamilton USA, the U.S platform of Hamilton Insurance Group, a division that Deutsch helped establish and even lead for a year. Hamilton Re and AIG also will form a reinsurance partnership where AIG will cede up to $150 million of premium on market terms annually to Hamilton Re – business that Hamilton Re can choose. As well, Hamilton, AIG and TSIQ will expand their collaboration involving Attune, a data-enabled technology platform launched in 2016 to serve the U.S. small to midsize commercial insurance market.Separately, there is also Hamilton Re’s recent launch of its first sidecar Turing Re, a $65 million reinsurance vehicle. These and other recent business milestones left Deutsch’s tasks largely accomplished, he said, and both the company and Deutsch mutually decided on the change.
“After we did the series of transactions you read about regarding AIG, we reviewed our strategy. We’ve got a lot in place in all of the platforms, and at this point it is really a matter of execution more than enhancing the strategy further,” Deutsch said.
Leaving on Good Terms
He added that the board formally approved its various plans on Monday. There are no plans at this time to hire another chief strategy officer, the company said.
“We’ve got a lot to do with execution, so my responsibilities from a strategy perspective were able to be shared with my colleagues, and then I will move on in six months’ time,” he said.
That will be “garden leave” where he’ll return to the United States but remain on call until December. Hamilton Group CFO Jonathan Reiss,Hamilton Re CEO Kathleen Reardon and Hamilton at Lloyd’s CEO Dermot O’Donohoe will take on his responsibilities, and Deutsch said he will help with that transition.
Deutsch, a 30-year insurance industry veteran who has held executive roles at CNA and elsewhere, joined Hamilton in June 2014, taking on the newly-created position with a mission to identify growth prospects outside of Hamilton’s Bermuda base, both organic growth and strategic acquisitions.
When asked what he accomplished at Hamilton, Deutsch noted that the insurer did not have any U.S. presence when he first joined. The insurer, with his leadership, located two companies that became underwriting entities for Hamilton USA and Hamilton Specialty Insurance Company.
Deutsch also helped the insurer establish its Lloyd’s presence through the 2014 acquisition of Sportscover Underwriting Limited, a Lloyds managing agent that managed Syndicate 3334 (now Hamilton Underwriting Ltd.), and Kinetic Insurance Brokers Ltd., a Lloyd’s insurance broker. Today they have morphed into what is Hamilton at Lloyd’s.
Deutsch added he sees Hamilton Re as being in “really strong shape.” Using his extensive network of contacts among clients and brokers, he worked with Reardon and her team to open doors and build relationships,
Deutsch said his departure will be an amicable one. He and the company agreed on the details on Monday, and senior management were informed, and then there was a company-wide meeting. There was also a champagne toast celebrating his and Hamilton Insurance’s accomplishments.
“There is a true degree of excitement … about what we are going to do with technology and business expansion, and the different opportunities the AIG relationship now affords us,” Deutsch said, adding that employees “have really rallied hard these last several weeks” under the leadership of interim group CEO David Brown.
A Hamilton spokesperson said in a statement that “Deutsch has been instrumental in overseeing transactions that have fueled Hamilton’s growth,” and added the company “is very grateful for all that he’s contributed to Hamilton.”