Sompo International creates new casualty fac arm
Sompo International Holdings has created a new casualty facultative reinsurance operation, led by Dave Adams.
Adams will join Sompo International Reinsurance 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.
Sompo said that with specialised 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 modelling and pricing system, which will enable ceding company underwriters to efficiently quote and bind these reinsurance contracts.
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 Tracy Thomson, executive vice president, head of Americas Casualty Reinsurance. Adams and the team are located in the Philadelphia, Pennsylvania area.
The seven-strong team itself was also formerly at Maiden Re, which sold the team to Sompo for an undisclosed sum as a part of its ongoing strategic review.
“We are extremely pleased to welcome Dave and his team as we expand our casualty reinsurance capabilities,” said Chris Donelan, president & chief underwriting officer North America reinsurance & head of global casualty reinsurance. “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.”