A subsidiary of Bermuda-headquartered global specialty insurer SiriusPoint Ltd has appointed a new chief executive officer.

Steve Paraboschi takes on the top job at International Medical Group, the international medical insurance, global assistance and travel insurance company, effective immediately.

He succeeds Brian Barwick, who will remain engaged with the company as an executive adviser.

The company said Mr Paraboschi will continue to serve as president of Indianapolis-based IMG.

Mr Paraboschi joined IMG in 2017 as executive vice-president, then was appointed president January, 2020. He has more than 25 years of experience within the broad financial services industry.

Prashanth Gangu, chief operating officer and president of Insurance & Services of IMG parent company, SiriusPoint, said: "I am delighted to welcome Steve to the role of chief executive officer of IMG. As an innovative, fast growing, tech-enabled MGA that holds wide competitive advantages, IMG is a core part of SiriusPoint's value proposition and a key element to our long-term success.

“I am excited about what Steve and his team can achieve, backed by SiriusPoint, and building on the superb job Brian has done to grow IMG into an international leader in the international medical insurance, global assistance, and travel insurance space. Steve brings a wealth of experience and with it a new chapter in IMG's evolving story."

Mr Paraboschi said: "It's a tremendous honour to take on the role of CEO at IMG and I'm grateful to Brian and Prashanth for the trust and faith they have shown in me to lead the company forward.

"During my tenure at IMG, we've generated significant momentum in the marketplace, and I look forward to accelerating this growth in the coming years with a continued focus on 'Being There' for our members, clients, producers, and employees."