Bermuda’s Hamilton Re has bought the renewal rights to Canopius Underwriting Bermuda’s excess casualty book of business.

And Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright are set to join Hamilton Re.

Mr Hartwig will be chief underwriting officer for casualty insurance while Mr Wright will be senior vice-president casualty insurance.

Kathleen Reardon, chief executive officer of Hamilton Re, said: “Bermuda has long been recognised as a strong excess casualty market, so we’re pleased to be able to establish an important presence with underwriters of Steve and Jeremy’s calibre and with the esteemed roster of clients they have developed.”

She added: “It’s also been a real pleasure to work with the management team at Sompo Canopius as we’ve developed the terms of this transaction.

“The agreement includes ongoing collaboration designed to ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers are met efficiently and effectively.”

The transaction is expected to be closed by the middle of the year.

Ms Reardon said: “From a strategic perspective, the acquisition of the these renewal rights continues the diversification of Hamilton Re’s portfolio.

“This new initiative will run in parallel with our joint venture with Iron-Starr, which was established shortly after our market launch in 2014, a partnership that remains strong.”

Ms Reardon added that the property-related team added in 2016 had made “significant inroads” into the market.

She added: “Taken together, this expanded offering gives Hamilton Re the ability to provide tailored solutions and exceptional service which are part of our core values.”

Mike Duffy, Sompo Canopius group chief underwriting officer, said: “We are pleased to have reached this agreement with Hamilton Re, which provides a great long-term home for the business, especially taking on the knowledge, expertise and relationships of Stephen Hartwig and Jeremy Wright.

“We remain committed to our property catastrophe business that is also written out of our Bermuda office and look forward to continuing to work with our partners in Bermuda, particularly Hamilton.”

Mr Hartwig has nearly 25 years of insurance industry experience, which includes underwriting and management roles based in the US, Europe and Bermuda.

Mr Wright, who has notched up 16 years in the industry, worked in senior roles at Ace, now Chubb, before joining Sompo Canopius.

Hamilton Re is the island-based platform for Hamilton Insurance Group, the Bermudian-based holding company for insurance and reinsurance operations in Bermuda, the US and at Lloyd’s of London.