Hamilton Insurance Group has launched a U.S. excess and surplus lines insurer. The new company, Hamilton Select Insurance Inc., has received a financial strength rating of “A-” (Excellent) from A.M. Best Company Inc.

Clay Rhoades, formerly president of U.S. E&S at Hamilton, has been named CEO of the new E&S insurer and continues to report to Hamilton CEO Pina Albo. He leads a Richmond, Va.-based team, writing hard-to-place risks for small and midsize businesses, with plans for additional products and recruitment already underway, the company said in a statement.

“Under Clay’s leadership, we hit the ground running. In one year, we’ve gone from being a startup to writing business across multiple lines and are now launching a dedicated E&S carrier to further enable the business to grow,” said Albo. “The breadth and depth of experience of our E&S colleagues, combined with the capabilities and collaborative culture of Hamilton’s global team, is a compelling proposition.”

Hamilton Select Insurance Inc. is domiciled in Delaware and joins Hamilton’s existing operating subsidiaries Hamilton Re Ltd. in Bermuda, Hamilton Insurance DAC in Ireland and Hamilton Managing Agency Limited (Lloyd’s Syndicate 4000) in London.