Bermuda-based Quanta Capital Holdings Ltd., a company that provides specialty insurance, reinsurance, and risk consulting services through its subsidiaries, has announced the establishment of a new Office of Strategic Innovation (OSI).
“We created OSI because we believe underwriting innovation requires a systematic entrepreneurial approach and full time dedicated resources,” said the announcement. “OSI is expected to be the primary contributor to Quanta’s information based strategy through the development of new products and the enhancement of existing products.” Michael J. Murphy, Deputy Chairman of Quanta’s Board of Directors, has been named to head the new unit as its Chairman.
CEO Tobey Russ commented, “Innovation has been a priority of Quanta since our inception. Now that we’ve achieved putting the corporate infrastructure in place, we are in a position to start executing on that priority.
“OSI is an example of our commitment to growth in the specialty insurance marketplace. We believe that OSI’s operations will result in strengthening our operational effectiveness and improving our underwriting process and ability to assess and price risk. This demonstrates our commitment to meeting the challenges of the dynamic business environment in which we operate,” he concluded.
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