E&S excess casualty head Long leaves Sompo International

Sompo International’s head of E&S excess casualty Jarrett Long is leaving the carrier along with a number of his team, The Insurer can reveal.

The destination of the executive and his team has not been confirmed, although it has been suggested a likely destination is a start-up MGA platform.

According to sources Sompo International executive vice president Long is leaving with colleagues including senior vice presidents Alan Robertson and Jim Owen.

The executives are based in the Atlanta Metropolitan area, with Sompo International having an office in Alpharetta.

Long has been EVP at Sompo International – formerly Endurance – since May 2013, according to his LinkedIn profile.

He joined along with Owen from Alterra Specialty, the US carrier subsidiary of Bermudian Alterra Capital Holdings, now part of Markel.

Long and Owen both previously worked at Alleghany-owned US specialty carrier RSUI.

At Sompo International, Long’s E&S excess casualty team offered capacity of up to $25mn with lead limits up to $10mn and an ability to participate in quota share layers.

Their target classes included contracting and project-specific business, products accounts, service classes, real estate risks and institutional business.

They were able to write on an admitted and non-admitted basis and had excess liability and umbrella forms available along with a wide variety of endorsements to tailor coverage, according to marketing material.

While broker reports have recently suggested there could be a moderation in excess liability rates later this year as demand falls and supply rises, the segment still remains in hard territory.

Retail broker USI last month reported that umbrella and excess business remains the most challenging casualty insurance segment as the industry prepared to enter a third quarter in a row with average rate increases of 15-25 percent the norm and some buyers facing much more significant increases.

The segment has seen significant carrier retrenchment and shortening of limits in the last couple of years in response to rising loss ratios.

Sompo International declined to comment on this article.