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Bermuda reinsurer Hamilton Re Ltd. is continuing its push into the insurance sector with the purchase of the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book.
In addition, Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright will join Hamilton Re as chief underwriting officer, casualty insurance, and senior vice president, casualty insurance, respectively.
Terms of the deal were not disclosed.
Hamilton Re launched in 2013 as the reinsurance arm of the Hamilton Insurance Group Ltd., which is headed by Brian Duperreault, the former CEO of Marsh & McLennan Cos. Inc. and Ace Ltd.
Sompo Canopius is a specialty unit of Japanese insurer Sompo Holdings Inc., which recently bought Bermuda-based insurer and reinsurer Endurance Specialty Holdings Ltd. Canopius Underwriting is its Lloyd’s of London arm.
The deal will add more insurance business to Hamilton Re’s portfolio, said Kathleen Reardon, CEO of Hamilton Re.
“From a strategic perspective, the acquisition of these renewal rights continues the diversification of Hamilton Re’s portfolio,” she said Sunday in a statement.
Hamilton Re expanded outside of reinsurance in 2014 through an insurance underwriting agreement with Iron-Starr Excess Agency Ltd. In addition, the reinsurer added a property direct and facultative team last year.
With the completion of the deal, which is expected to close midyear, Sompo Canopius will continue to write catastrophe business in Bermuda, the statement said.
“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,” said Mike Duffy, Sompo Canopius’ chief underwriting officer.
Brian Duperreault, the high-profile insurance industry leader who led the turnaround of Marsh & McLennan Cos. Inc., is coming out of retirement to run a Bermuda reinsurance firm.