Hamilton launches E&S carrier with Rhoades as CEO
Hamilton Insurance Group has formed a new AM Best A- rated US E&S carrier called Hamilton Select Insurance to support the growth of its US-based book of surplus lines business led by Clay Rhoades.
Rhoades takes the position of CEO of Hamilton Select a year after joining as president of US E&S for the Bermudian carrier. The carrier had previously been writing E&S business via its US-based MGA.
In a statement confirming the launch, Hamilton said that Rhoades had successfully grown the company’s US-based book of E&S insurance business, which is written by a team out of Richmond focusing on hard to place risks for small and mid-sized businesses.
It added there are plans for additional products to be added to the portfolio with recruitment already underway.
Rhoades – who directly reports to Hamilton group CEO Pina Albo – joined last January from E&S specialist carrier Kinsale Insurance, where he was most recently senior vice president of commercial property and inland marine, but also had a background in professional and management liability.
Commenting on the launch, Albo said: “Under Clay’s leadership, we hit the ground running. In one year, we’ve gone from being a startup to writing business across multiple lines and are now launching a dedicated E&S carrier to further enable the business to grow.”
“The breadth and depth of experience of our E&S colleagues, combined with the capabilities and collaborative culture of Hamilton’s global team, is a compelling proposition,” she added.
Rhoades said the launch of Hamilton Select underscores the carrier’s commitment to the US E&S space.
“We continue to leverage this period of accelerated market growth and are dedicated to delivering solutions of value as a leading E&S option for our brokers and clients. With its deep talent pool, I’m pleased that we’ve made Richmond, Virginia the home base for our team and the location of our new office,” he added.
The executive said that the buildout of the E&S platform in the US will see colleagues added in other US cities.
Delaware-domiciled Hamilton Select adds to the group’s existing operating subsidiaries Hamilton Re in Bermuda, Hamilton Insurance DAC in Ireland, and its Lloyd’s platform Hamilton Managing Agency Limited which writes on its Syndicate 4000 in London.
Rhoades has been actively hiring to build out the carrier’s E&S underwriting team in the US.
Recent recruitment includes Diane Wisner and Pam Gosslin as head of excess casualty and head of medical professional liability respectively from James River; Kevin Marzec to lead management liability from Ironshore; former Argo executive Kevin Price as head of Allied Medical from RCM&D; and Jamie Secor to head professional liability from Kinsale.
The Insurer comment
After a series of high-profile hires to its E&S underwriting team under Clay Rhoades, it is perhaps not surprising that Hamilton has taken the next step with a rated balance sheet on the ground in the US dedicated to writing business in the hardest segment of the P&C market.
The Bermudian has previously made attempts to establish an admitted carrier in the US. This latest step to focus on the E&S market with a team of seasoned underwriting executives looks like a solid strategy to capitalise on what are widely seen as best ever market conditions.