Sompo names new leader for US commercial management liability and financial institutions

Ray Santiago has been named executive vice president and leader of the US commercial management liability (CML) and financial institutions (FI) teams at Sompo International Holdings.

While Santiago takes on management oversight for US CML and FI, the teams  continue to be led by Joe Spallone, senior vice president of CML, and Dennis Krause, senior vice president of FI, respectively.

Santiago reports to Chris Sparro, chief executive officer of US insurance at Sompo International, and is based in the New York office.

He has over 30 years of experience in the insurance industry, and was most recently senior vice president of underwriting for XL Catlin’s professional liability team. Before that he served as regional executive for AIG’s New York and Mid-Atlantic region, and as financial institutions industry leader at Willis.

Sparro said Santiago’s “extensive technical expertise as an experienced D&O underwriter and his deep knowledge of the professional lines market makes him a terrific choice to lead our CML and FI teams.”

Sompo is a Bermuda-based specialty provider of property and casualty insurance and reinsurance. Its US CML practice offers a range of specialised primary and excess management liability products, while FI specifically serves traditional financial institutions and alternative asset managers.