The St. Paul has named W. Mark Wigmore to direct the runoff operation of St. Paul Re, its former reinsurance underwriting operation, from his post as President and CEO of St. Paul Reinsurance Company.
In early November The St. Paul successfully completed the transfer of its ongoing reinsurance business and operations to Bermuda-based Platinum Underwriters Holdings, following its initial public share offering. The St. Paul retained the reserves related to liabilities for business written prior to Jan. 1, 2002. The company estimates that “gross premium reserves for those liabilities” total $4.2 billion.
Wigmore will manage the runoff activities from offices in New York with some 60 employees, and London, which will involve more than 100 employees of St. Paul Re (UK) and Unionamerica Management Co. Ltd. The announcement said Peter Cooper, the chief executive officer of Unionamerica, has been named managing director of St. Paul Re (UK) and will report to Wigmore with respect to those operations.
Wigmore joined The St. Paul in June, after 14 years with Travelers Property Casualty Corp. His last post at the Travelers was vice president and associate general counsel, a position in which he was responsible for $1 billion of reserves for ceded reinsurance. He also held environmental litigation positions. Cooper has been with Unionamerica since 1985 and has been chief executive officer since January 2001.
Topics Reinsurance
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