Hybrid program fronting start-up Obsidian Insurance Holdings has hired Andrew Aldorisio as CUO from Scor.
At Genstar Capital-backed Obsidian the executive will be responsible for managing program underwriting and due diligence “to ensure growth and profitability of the portfolio”, the company said in a statement.
Aldorisio was most recently vice president of program business at Scor with responsibility for managing casualty and professional lines programs, as well as leading business development for Scor Re’s primary insurance programs business unit.
He had previously been vice president and program underwriter at Munich Re America, leading alternative risk transfer programs in the unit including captive programs and risk retention groups. The executive began his career at Arch.
In a statement, Obsidian highlighted Aldorisio’s “strong technical underwriting” and business development background across segments of the delegated authority, alternative markets, captive and traditional program industry.
Obsidian CEO Bill Jewett commented: “We are excited to have Andrew join our team and bring his technical underwriting expertise and extensive program insurance experience to our platform.
“His addition continues the buildout of our hybrid program fronting carrier platform that will continue to bring creative, valuable, and efficient marketplace solutions to MGAs, risk aggregators, and reinsurers.”
The appointment comes after Dan Larkin left his position as the fronting carrier’s CUO in September this year to rejoin Allianz Global Corporate & Specialty.
Obsidian officially launched earlier this year after receiving an A- financial strength rating from AM Best and capitalising its underwriting platform following a $100mn investment from private equity giant Genstar.
As well as former Endurance president Jewett, other members of the start-up’s management team include former Hanover Insurance Group specialty P&C COO Craig Rappaport as COO and CFO, another ex-Endurance executive Emily Canelo as chief legal counsel, and former Enstar executive Stacy Armstrong as chief client officer.
The hybrid fronting carrier has a dual strategic focus as it targets traditional MGA program business as well as opportunities with retail and wholesale risk aggregators.
Earlier this month it secured an A- financial strength rating for its new E&S carrier as it targets the fast-hardening segment of the market.