Ategrity appoints Rosenzweig CFO and names Munich Re’s Schenk CUO
Excess and surplus lines writer Ategrity Specialty Holdings has appointed financial services veteran David Rosenzweig as CFO and named former Munich Re and Hiscox executive Chris Schenk as chief underwriting officer.
Rosenzweig initially began working with Ategrity in November as a financial consultant having spent the previous five years at life insurer Global Atlantic as divisional CFO. Before that, he was the CFO for aviation lease financing company Infinity Aviation Capital.
“David brings to Ategrity an outstanding breadth of financial expertise and operational transformation,” says Ategrity’s deputy CEO Justin Cohen.
“His leadership will continue our drive to even greater performance going forward.”
Ategrity has also revealed several other new hires, including Schenk, who had been the head of data and analytics for Munich Re America for the last two years.
Before that, Schenk was with Hiscox for six years in New York, latterly holding the post of head of pricing, strategy, and analytics.
In addition to announcing Schenk and Rosenzweig’s hires, Ategrity said it had “bolster[ed] the company’s strength in enterprise risk management (ERM) and best-in-class data and analytics” in hiring Benjamin Martin as its head of exposure management, and Ashley Zayas as head of data.
Before Ategrity, Martin was the head of exposure management at Sompo International and previously spent 11 years working at Hiscox as a catastrophe modeling manager. Zayas had previously been a senior data manager at Hiscox.
“We have built one of the strongest teams in the E&S marketplace,” said Ategrity executive chairman and CEO Mike Miller in a statement.
“By responding to market opportunities and optimizing our business model – as well as having superior capitalization supported by Sequentis Financial – Ategrity is positioned for continued growth.”
The company said it had achieved an annualized return on equity of 17 percent in the fourth quarter, and noted the $75mn follow-on investment the company received from existing backer Sequentis.
According to statutory filings, Ategrity recorded a combined ratio of 142 percent for the first nine months of 2021. But an improved fourth quarter pulled that back to 128 percent for the full year.
Ratings agency AM Best revised its outlook on Ategrity’s A- financial strength rating to negative in November over concerns of volatility after the company took heavy catastrophe losses.
The specialty insurer has also dealt with a number of senior departures, including the brokerage division’s CUO John Goodloe, who subsequently re-emerged at Sompo International, and managing director for brokerage property John Johnsen.
Brokerage chief underwriting officer John Goodloe left the company in November to become EVP for surplus lines brokerage casualty at Sompo International, followed by senior property executive Jason Johnsen, who also departed the business.