Mary R. Hennessy, CEO of Bermuda based Overseas Partners Ltd. announced that Michael J. Cascio, currently OPL’s Chief Underwriting Officer, had been selected as the new President and CEO of Overseas Partners U.S Reinsurance Co., the group’s U.S. subsidiary.
The appointment follows OPL’s acquisition of Reliance Re, completed last October. Renamed OPUS Re, the company will maintain its headquarters and staff in Philadelphia. Ed Stanco, former CEO of Reliance Re will take over as Executive VP and COO of OPUS under Cascio.
The new president praised Stanco’s contribution to the company, stating, “Without Ed Stanco’s initiative and leadership, OPL would not have purchased Reliance Re, and we are indebted to him for his help since the acquisition in organizing OPUS Re’s operations, building new business practices and bringing OPUS Re to market.
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