MS Transverse Insurance Group has announced two senior leadership changes, naming Pete Chandler (pictured above left) as chief revenue officer and promoting Ethan Allen (pictured above right) to the newly created role of chief program officer.
Chandler will lead ceded reinsurance and business development. He brings decades of experience in the reinsurance sector, most recently serving as CEO of BMS Re.
He will work alongside Paul Goodwin, executive vice president of reinsurance, who plans to retire at the end of 2025. The transition period is set to begin immediately.
Ethan Allen, a founding member of MS Transverse, will assume responsibility for overseeing the company’s program underwriting and operations functions. Allen previously held the role of chief risk officer and has more than 30 years of experience in the insurance industry, including past leadership of AIG’s programs business in the Americas.
The company also announced that Dennis Sparks, currently chief underwriting officer, will step down from his full-time role in May 2025. He will remain with MS Transverse as a senior advisor.
MS Transverse closed 2024 as the largest hybrid fronting insurer by gross written premiums. The company also reported a market-leading loss ratio and maintains relationships with more than 150 reinsurers.
Earlier this month, the company and other institutional investors provided US$580 million in underwriting capital to AmRisc, LLC, a subsidiary of CRC Group, in its renewal of Trouvaille Re Ltd. (Trouvaille II), an insurance sidecar that provides collateralized reinsurance capacity for its coastal commercial excess and surplus (E&S) property insurance portfolio.
Dave Paulsson, CEO of MS Transverse, acknowledged the contributions of Sparks and Goodwin, noting their work in developing the firm’s brand and market position.
In 2024, MS Transverse reported significant financial growth. The company's capital and surplus increased from US$121.3 million in Q3 2023 to US$176.9 million in Q3 2024. Additionally, direct premiums written grew from US$469.4 million in Q3 2023 to US$653.6 million in Q3 2024.
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