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Lisa Binnie will succeed him as president of the company’s specialty admitted segment effective September 1. -
The likes of Genstar, Leonard Green and Bain also looked at the program manager.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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Sources said that the start-up will be fronted by Bain-backed Emerald Bay.
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The executive succeeds current CEO Petway, who is retiring.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The move includes One80 Intermediaries, formerly part of Risk Strategies.
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The executive has worked for JLT Re, Lockton Re, Willis Re and US Re.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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The MGA will expand its US reach in apartments, condo associations and single-family rentals.
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