Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business.
The transaction is expected to close mid-year.
In addition, Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright will join Hamilton Re in the positions of chief underwriting officer, Casualty Insurance, and senior vice president, Casualty Insurance, respectively. Hartwig will report to Hamilton Re CEO Kathleen Reardon.
“Bermuda has long been recognized as a strong excess casualty market, so we’re pleased to be able to establish an important presence with underwriters of Steve and Jeremy’s caliber and with the esteemed roster of clients they have developed,” said Reardon.
“It’s also been a real pleasure to work with the management team at Sompo Canopius as we’ve developed the terms of this transaction,” she added. “The agreement includes ongoing collaboration designed to ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers are met efficiently and effectively.”
Reardon noted that the acquisition of these renewal rights continues the diversification of Hamilton Re’s portfolio. “This new initiative will run in parallel with our joint venture with Iron-Starr, which was established shortly after our market launch in 2014, a partnership that remains strong,” she said.
“The property D&F [direct and facultative] insurance team we added in 2016 has made significant inroads into the market. Taken together, this expanded offering gives Hamilton Re the ability to provide tailored solutions and exceptional service which are part of our core values,” Reardon went on to say.
“We are pleased to have reached this agreement with Hamilton Re, which provides a great long-term home for the business, especially taking on the knowledge, expertise and relationships of Stephen Hartwig and Jeremy Wright,” commented Mike Duffy, Sompo Canopius group chief underwriting officer.
“We remain committed to our property catastrophe business that is also written out of our Bermuda office, and look forward to continuing to work with our partners in Bermuda, particularly Hamilton,” Duffy said.
Hartwig has nearly 25 years of insurance industry experience, which includes underwriting and management roles based in the U.S., Europe and Bermuda.
Prior to joining Hamilton Re, Hartwig spent nine years with Sompo Canopius in Bermuda, most recently as CEO of the Bermuda office and group head of casualty. Previously, Hartwig was employed by ACE Bermuda (now Chubb Bermuda), Starr Excess (AIG CAT Excess) and Employers Re/Frankona. He began his insurance career at the Travelers in Hartford, Conn.
Hartwig completed his master’s of business administration coursework at the Copenhagen Business School, Frederiksberg, Denmark. He holds a bachelor of arts degree from the State University of New York at Geneseo, New York.
Wright has over 16 years of experience in the insurance industry. Before joining Hamilton Re, Wright held the position of senior vice president and head of Excess Casualty at Sompo Canopius. Prior to that, Wright was assistant vice president at ACE Bermuda (now Chubb Bermuda), underwriting Fortune 1,000 excess liability clients on a broad selection of forms employed in the Bermuda market.
Wright holds a Chartered Property Casualty Underwriter (CPCU) designation from The Institutes and an Associate in Reinsurance (ARe) designation from the Insurance Institute of America.
Source: Hamilton Re
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