Hamilton Insurance, Eyeing Acquisitions, Adds GCP Capital’s Deutsch

By Zachary Tracer and Kelly Gilblom | June 19, 2014

Hamilton Insurance Group Ltd., the reinsurer that counts Sanford “Sandy” Weill as its chairman, hired Bob Deutsch as chief strategy officer to lead an expansion that could include takeovers.

Deutsch, a managing director at GCP Capital Partners Holdings LLC, will work on strategies for internal growth and acquisitions in his newly created role, according to a statement today from the Bermuda-based company.

“I’m not sure I can think of a better person to hold the position,” Chief Executive Officer Brian Duperreault, 67, said in the statement. “His capability, knowledge and experience will be of critical importance as we evolve from the small organization we are now to a global company.”

Duperreault, the former CEO of insurance broker Marsh & McLennan Cos., is working with quantitative hedge fund Two Sigma Investments LLC to build Hamilton. He led a group of investors that purchased the company from Steven A. Cohen after the billionaire’s hedge fund reached a $1.8 billion deal to end a criminal investigation into insider trading. Weill, known for leading the 1998 merger of Travelers Group Inc. and Citicorp, was named Hamilton’s chairman in January.

Hamilton had more than $800 million in capital as of March 31, according to today’s statement. Duperreault said in December that Hamilton will focus on catastrophe protection and seek opportunities in other types of coverage. Reinsurers take on risks from primary carriers.

ClearView Connection

GCP Capital was spun off from Greenhill & Co. in December 2009, according to a regulatory filing. Deutsch will continue to serve as chairman of ClearView Risk Holdings LLC, a Dallas-based wholesale insurance broker in which GCP owns a stake, according to GCP Chairman Robert Niehaus.

The Hamilton role is “a terrific match for Bob’s skills,” Niehaus said in a phone interview. “He’s been an operator most of his career, so I think it’s a good fit.”

Deutsch previously helped found Ironshore Inc., the reinsurer now led by ex-American International Group Inc. executives that filed this week for an initial public offering. He was chief financial officer at CNA Financial Corp. and graduated from the University of Pennsylvania’s Wharton School, Hamilton said.

Boris Gutin, a GCP partner who is on the board of Ironshore, will take a lead role on insurance investments with Deutsch’s departure, Niehaus said. GCP is an investor in Ironshore.

–With assistance from Craig Giammona in New York.

 

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