The founder of ProSight Specialty Insurance is becoming chairman, and a veteran executive will replace him as CEO. AXA XL promoted an East Coast executive. A longtime life sciences underwriter will lead a new team formed at Sompo Global Risk Solutions to offer the coverage.
ProSight Specialty Insurance disclosed that CEO Joe Beneducci will become executive chairman and stay in the role until May 2020. Beneducci helped found ProSight about a decade ago.
Larry Hannon, who has been serving as ProSight’s chief operating officer, has succeeded Beneducci as chief executive officer.
Hannon, a founding member of ProSight, has had broad responsibility for underwriting, brokerage, business development, marketing, IT and customer experience. Before joining ProSight, Hannon held senior underwriting, marketing and operational roles at Chubb and Fireman’s Fund and has over 28 years of experience in the insurance industry.
Hannon credited Beneducci with helping develop ProSight with “his leadership and vision” into a company that has enjoyed “a period of strong growth.”
AXA XL promoted Marc Bertha to the position of team lead for the U.S. Eastern Region Multinational Casualty group.
Based in New York, Bertha will be leading the region’s underwriting team, tasked to partner with new and existing clients in the strategic management of their complex international risks.
Bertha joined AXA XL in 2013 as a senior manager of Global Programs and Network Services. He previously worked at Zurich, North America
Sompo Global Risk Solutions (GRS) formed a new team that offers insurance to clients in the life sciences industry.
Todd Lauer leads the GRS Life Sciences team. He’s a veteran executive who joined Sompo GRS as senior vice president. Lauer brings 20 years of experience in life sciences underwriting to Sompo GRS, including leadership roles with OneBeacon, Chubb and CNA.
At OneBeacon, Lauer led a multidisciplinary team of actuarial, claims, finance, legal, risk control, support and underwriting professionals focused on the sector. He has also served as life sciences underwriting director for CNA Insurance and life sciences underwriting officer for Chubb across the Midwestern U.S. He reports to Michael Chang, CEO of Sompo Global Risk Solutions, and is based in the company’s Chicago office.
The GRS Life Sciences team will offer product liability, clinical trial liability, property, auto, workers compensation, environmental and products related errors & omissions (E&O) coverage for contract research organizations, clinical trials, and medical device, pharmaceutical and biotechnology companies.
The team will target small and middle market life sciences organizations in the United States, including manufacturers, contract manufacturers and service organizations, laboratories, research and development facilities, and clinical monitoring and site management firms. Sompo GRS also serves Japanese and South Korean clients with operations in the United States and Mexico.
Sources: ProSight Specialty Insurance, AXA XL and Sompo International