Distinguished Programs said Tuesday it has expanded into the reinsurance market with the launch of DistinguishedRe, a new platform starting with a property reinsurance operation led by former Aspen Insurance executive Frank DiPaola.
Mr. DiPaola was named president of DistinguishedRe Property and will lead a team of facultative and treaty underwriters, actuaries, catastrophe modeling professionals and legal specialists. He previously was global head of property facultative reinsurance at Aspen, which was acquired by Sompo Insurance earlier this year.
The property reinsurance operation will offer excess-of-loss facultative, semi-automatic and property treaty placements with up to $50 million in capacity. It will write U.S. domestic and international property schedules as well as direct and brokered individual-risk, facultative automatic and treaty business.
Coverage is backed by Antares Reinsurance, a Bermuda-based reinsurer rated A- by A.M. Best and S&P Global Ratings. Antares Re is the reinsurance arm of Antares Global, which is owned by Qatar Insurance.
Distinguished recently added marine cargo, crisis management and transactional risk programs.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.