Bermuda-based specialty provider of property and casualty insurance and reinsurance Sompo International has created a new casualty facultative reinsurance operation which will be led by Dave Adams.
Mr. Adams will join Sompo International Reinsurance this week as Executive Vice President, Specialty/Facultative Reinsurance Team Leader along with an underwriting team with extensive industry experience underwriting individual risk and alternative market business.
With specialized product offerings in Commercial Auto and Worker’s Compensation that serve the needs of a niche market, the team will expand Sompo’s profile in the facultative reinsurance market.
The team has extensive industry experience underwriting individual risk and alternative market business and will offer these using an industry leading automated modeling and pricing system, which will enable ceding company underwriters to efficiently quote and bind these reinsurance contracts.
Mr. Adams, who has more than 30 years of experience, comes to Sompo International from Maiden Re, where he was most recently Executive Vice President and Team Leader, Specialty Underwriting, responsible for their facultative, alternative market and program reinsurance treaties.
He will report to Ms. Tracy Thomson, Executive Vice President, Head of Americas Casualty Reinsurance. Mr. Adams and the team are located in the Philadelphia, Pennsylvania area.
Sompo International North America Reinsurance president & CUO and global casualty reinsurance head Chris Donelan said: “We are extremely pleased to welcome Dave and his team as we expand our casualty reinsurance capabilities. The new team is highly regarded in the market and will complement our strong casualty treaty business, as well as our facultative reinsurance offerings in the professional liability area.”
Sompo International global reinsurance CEO Stephen Young said: “We continue to seek opportunities to leverage Sompo International’s capital and global presence in the reinsurance market. This new team will enable us to service additional clients and to advance our technical capabilities as we continue to enhance Sompo’s relevance in the facultative market.”
Source: Company Press Release