Paget Reinsurance International Ltd., a subsidiary of ACE Bermuda Insurance Ltd., has named Carl Daly as President and Chief Underwriting Officer with responsibility for the general management of the Bermuda-based rent-a-captive operation.
Paget Re is a Bermuda registered Class 3 and long term insurer. It offers “creative and flexible rent-a-captive facilities” to customers worldwide in support of their risk management programs. The bulletin noted that a “rent-a-captive is an insurance company which ‘rents’ its capital, legal status and capabilities to customers interested in sharing in the underwriting results of their business operations.” Such facilities offer are frequently more “cost and administration efficient alternatives to company-owned standalone captive insurance companies.”
ACE Bermuda President and CEO Rees Fletcher lauded Daly’s “experience and capabilities” in welcoming him to the ACE team,” indicating that his knowledge of the “captive management arena and his knowledge of the Bermuda market will ensure the continued development of our rent-a-captive business.”
Daly has over 30 years experience in the insurance industry and an in-depth knowledge of the captive industry and Bermuda market. He joined ACE from Aon Insurance Managers (Bermuda) where he served as executive vice president with responsibility for the company’s insurance operation.”
Source: ACE Limited – www.acelimited.com
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