Coaction
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A process has not been launched and a firm timeline for a liquidity event has not been agreed. -
The executive brings 24 years of experience to the role.
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He replaces Stan Galanski, who had served in the role since August 2021.
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Christopher Cavallaro's appointment to the company's board of directors is effective this month.
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The equity raise was led by existing investors TowerBrook Capital Partners and Further Global Capital Management.
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The program provides up to $15mn in capacity per account and is underwritten by Ryan Specialty-owned MGU EmergIn Risk.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The new Coaction has also converted to a public benefit corporation (PBC), making it the first commercial P&C insurer to do so.
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The company said it would look to use its program skillset strategically to enhance and position some of its new product verticals.
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The executive will report directly to the carrier’s president Tim Ryan.
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The specialty insurer has tapped the executive to join its senior team as it gears up under new ownership.
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Hires include Axa XL’s Chris Dougherty and former Validus property team Bill Steinberg and Stephen Nadeau.
