Hamilton Insurance Group, the Bermuda-based holding company for property and casualty insurance and reinsurance operations in Bermuda, the U.S. and at Lloyd’s, announced that William C. Freda has been appointed to the position of chairman of the board and David A. Brown has been appointed to the position of interim group CEO.
Both appointments, which are effective immediately, follow the resignation of Brian Duperreault as Hamilton’s chairman and chief executive officer to lead AIG as its new CEO.
Freda joined the Hamilton board of directors in June 2014 and chairs the board’s audit committee. Brown has been a member of the board since Hamilton’s establishment in December 2013 and is chairman of the finance and governance committee.
“It is with regret that we have accepted Brian’s resignation from Hamilton,” said Freda. “He is an industry icon with a well-deserved reputation for visionary leadership. We have had the privilege of experiencing this first-hand at Hamilton.
“However, we have in David an experienced industry CEO who has been with the company since inception. He is an ideal resource to lead Hamilton through this transition,” Freda added.
He said the company’s relationship with Two Sigma, its technology and investment partner, “has been an extremely productive one since Hamilton’s launch at the end of 2013.”
“Our experience with Attune, the technology-enabled company established with Two Sigma and AIG, has demonstrated the huge potential in applying data science and analytics to transform the underwriting process,” Freda went on to say.
Concurrent with the news about Duperreault’s resignation and move to AIG was an announcement that AIG will acquire Hamilton USA for about $110 million as part of a memorandum of understanding with Hamilton Insurance Group and Two Sigma Insurance Quantified, which is designed to further their investment in the technology platform Attune and advance data-driven underwriting.
The company said a search for a group CEO will begin after Hamilton’s board meets in June. Internal and external candidates will be considered.
William C. Freda concluded his career at Deloitte LLP in 2014, having worked for the firm for 40 years following his graduation from Bentley University in Waltham, Mass. At Deloitte, Freda served on a wide range of multinational engagements, interacting with clients’ audit committees, boards of directors and senior management to address critical, strategic issues.
Freda’s many senior positions at Deloitte included chairman of the risk committee and the audit committee of Deloitte Touche Tohmatsu Ltd.’s board of directors, managing partner of Deloitte’s U.S. client initiatives, and regional managing partner of the Northeast, Deloitte’s largest U.S. region.
Freda has been involved in many industry associations and community organizations, including the Board of Trustees of Bentley University. He is a member of the board of directors of The Guardian Insurance Co. of America and State Street Corp.
David A. Brown served as the chief executive officer of Flagstone Reinsurance Holdings Ltd. from its foundation in October 2005 until November 2012. He previously served as chief executive of Centre Solutions from 1994 until 1997.
Before joining Centre Solutions, he was a partner with Ernst & Young. He has been chairman of the board at the Bermuda Stock Exchange since 2000.
Brown is a Fellow of the Institute of Chartered Accountants in England and Wales. He is also a member of the Institute of Chartered Accountants of Bermuda.
Source: Hamilton Insurance Group
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