Hanover Stone names head of new product development practice

Hanover Stone Partners L.L.C. has named Ty Sagalow as head of its recently established new product development practice.

New York-based Mr. Sagalow will work as a senior risk adviser for the risk services firm while continuing his role as president of Innovation Insurance Group L.L.C., which he formed in 2012, said Hanover Stone Partners in a statement Thursday.

“We’re in a time when risk and financial executives are seeing their organization’s exposures multiply dramatically, while their toolbox for managing them has failed to keep pace with their needs,” he said in a statement. “The new practice group will have two focuses: First, create new risk solutions using the combined efforts of all the Hanover Stone Partner associates and partner firms. Second, offer to our clients a new product development team coordinating the vast skills of our associates and partner firms to offer a seamless, coordinated skill set in areas of legal drafting, underwriting, actuarial, marketing and more.”

Previously, Mr. Sagalow has served as a senior executive at American International Group Inc. and as chief innovation officer at Zurich North America.