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Hamilton Insurance Group, the Bermuda-based holding company for insurance and reinsurance operations in Bermuda and at Lloyd's of London, said Dermot O'Donohoe is leaving his position as CEO of Hamilton at Lloyd's.
Peter Barrett, former chairman of Lloyd's insurance broker Bell & Clements Ltd., has been appointed to the newly created position of global head of specialty insurance. Mr. Barrett will have oversight responsibilities for Hamilton’s Lloyd's platform after Mr. O'Donohoe’s departure and he will not be replaced, according to a spokesperson for Hamilton.
Mr. Barrett will be based in London and report to Hamilton Group CEO Pina Albo, the statement said.
He will be responsible for overseeing the integration of the Lloyd's and non-Lloyd's operations Hamilton is acquiring from Liberty Mutual Group, including Pembroke Managing Agency and Ironshore Europe DAC as well as two MGAs – one in the U.S. and one in Dubai, the statement said.
Mr. O'Donohoe agreed to stay with the company until the agreement with Liberty Mutual was signed, the statement said.
Mr. Barrett will also be responsible for overseeing the development of a broader insurance strategy that builds on the operations associated with the pending acquisition, the statement said.
Meanwhile, Christi Garber, former tax director of the Americas at Validus Group, has been appointed to the newly created position of senior vice president of tax, the statement said. Ms. Garber will be based in New York and report to Group Chief Financial Officer Jonathan Reiss.
She will be responsible for all taxation matters including developing and maintaining an overall approach for taxation efficiency and operations that support Hamilton's growth strategy, as well as for all aspects of Hamilton's global tax compliance.
"Following the announcement earlier this month of our transformative deal with Liberty Mutual, I'm delighted to welcome Peter Barrett and Christi Garber to the Hamilton team," Ms. Albo said in the statement. "The establishment of these two new positions are key developments in achieving our goal of establishing a leading diversified global specialty insurance and reinsurance company.
"Tempering our welcome to Peter and Christi is our regret at losing Dermot. He's been with Hamilton at Lloyd's from the beginning and has steered our agency and syndicate with a steady hand.”
Hamilton Re Ltd., part of Hamilton Insurance Group Ltd., has set up a $65 million sidecar to bolster reinsurance capacity, the reinsurer said Monday.