A former senior executive vice president of Sedgwick Re, Jed E. Rhoads, has joined Bermuda-based Stockton Re as principal in the underwriting department.

He is the latest component of a re-tooling at the firm, as it gears up to exploit new trends in the non-traditional marketplace, especially in finite (re)insurance.

The new senior executive conceded: "I'm making a personal career bet here in taking this job, because I believe that the company will make a business transition into more financially-driven and less risk risk-driven traditional or non-traditional deals.

"I think that this company is very well poised to take advantage of the changing market.

"I don't believe that the traditional reinsurance market is going to look, five years down the road, as it looks today. I'm not completely convinced that the pendulum will swing entirely over to the capital markets side.

"I think that it will settle on something in between. And I think that's what Stockton Re is all about.'' Mr. Rhoads was a corporate treaty officer of Sedgwick Re in Philadelphia and New York and will initially be involved in cultivating business relationships with brokers and US clients, as well as underwriting for Stockton Re.

Company president and CEO Dan Malloy had previously worked with Mr. Rhoads at Sedgwick Re, prior to moving on as chief underwriting officer and senior vice president of Zurich Re (North America) in the finite reinsurance division. He joined Stockton Re in April.

Mr. Malloy commented: "Jed's strength lies in building strong customer relationships with Fortune 500 companies, insurers and reinsurers alike.

"In addition, he is experienced at crafting non-traditional solutions. His addition will serve to complement our existing group responsible for underwriting production.'' He is not unknown in the Island, having spent considerable periods here in his former intermediary capacity for Sedgwick Re, bringing in new business in recent years.

Mr. Rhoads noted: "Looking at my passport before making this trip, it occurred to me I had been here on business trips more than 30 times in the last few years.

"In my broker role and running the East Coast operations of Sedgwick Re, I was bringing clients down here and bringing property catastrophe and non-traditional business to the Island.

"So I got to know a number of the key players at firms like RenaissanceRe, Tempest Re, CAT Ltd., LaSalle Re, Global Catastrophe Re and others.

"But the thing is that now I won't even feel like I'm their competitor, because I will be doing non-traditional business.

"In fact, I'm hoping that in many ways, we will be able to work together.

Hopefully, that is one of the ancillary benefits of Stockton hiring me.'' Jed Rhoads BUSINESS BUC