International Indemnity Group (GBLI), by way of its subsidiary Penn-America Underwriters (PAU), has launched a brand new reinsurance managing normal company (MGA).
The brand new unit represents PAU’s first de novo enterprise in its MGA platform enlargement.
It is going to be led by George Dragonetti, an skilled reinsurance govt, who will function its president.
PAU is concentrated on underwriting, progress and distribution of each insurance coverage and reinsurance merchandise. It additionally gives expertise options and claims providers.
Earlier than becoming a member of PAU, Dragonetti was head of property at Emerald Bay Danger Options and held management roles at Nav Re and RLI Re.
GBLI chairman Saul Fox mentioned: “Mr. Dragonetti brings over three many years of reinsurance experience – together with 13 years in Bermuda and 20 years within the US – to the brand new enterprise.
“His distinguished monitor document in creating tailor-made reinsurance options, constructing high-performing groups and efficiently executing strategic progress initiatives might be integral to establishing and advancing PAU’s reinsurance enterprise.”
Dragonetti mentioned: “I’m honoured to companion with PAU and to move up its MGA reinsurance enterprise. I stay up for working carefully with the management crew to speed up progress and ship underwriting excellence.
“Past driving the success of our reinsurance enterprise, I’m wanting to contribute to PAU’s broader technique and long-term aims.”
GBLI is a publicly traded holding firm that manages property and casualty insurance coverage companies, which deal with sourcing, underwriting and servicing insurance policies.
International Indemnity has controlling pursuits in two major entities: PAU and Belmont Holdings GX.
PAU includes a community of three companies: Penn-America Insurance coverage Providers, J.H. Ferguson and Associates (together with the Vacant Specific division) and Collectibles Insurance coverage Providers.
These companies are devoted to sourcing, underwriting and servicing insurance coverage insurance policies.
Moreover, PAU consists of three strategic insurance coverage product and repair companies. Sayata serves as a market for small industrial insurance coverage, whereas the Liberty Insurance coverage Adjustment Company focuses on claims adjustment and providers. Kaleidoscope Insurance coverage Applied sciences gives insurance coverage software program and providers, enhancing the choices of PAU.
Belmont Holdings GX consists of 5 state-regulated insurance coverage carriers: Penn-Patriot Insurance coverage Firm, Diamond State Insurance coverage Firm, Penn-Star Insurance coverage Firm, Penn-America Insurance coverage Firm and United Nationwide Insurance coverage Firm.
Commenting on the launch, Penn-America Underwriters president and CEO Praveen Reddy mentioned: “This launch represents a serious milestone in our growth as a speciality supplier of insurance coverage and reinsurance services.
“In partnership with George Dragonetti and with George on the helm, we’re assured in our capability to drive innovation, progress and superior underwriting efficiency for our new reinsurance platform.”
Earlier this yr, GBLI accomplished a reorganisation initiative often known as Mission Manifest, aimed toward enhancing operational effectivity and fostering progress.
The reorganisation resulted within the formation of enterprise items throughout the Penn-America divisions and new impartial expertise and claims service corporations.
It additionally led to the creation of separate entities for every of Penn-America’s wholesale industrial, vacant specific, collectibles and speciality divisions.
