Coaction
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The executive brings 24 years of experience to the role. -
Christopher Cavallaro's appointment to the company's board of directors is effective this month.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The new Coaction has also converted to a public benefit corporation (PBC), making it the first commercial P&C insurer to do so.
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The company said it would look to use its program skillset strategically to enhance and position some of its new product verticals.
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The executive will report directly to the carrier’s president Tim Ryan.
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The specialty insurer has tapped the executive to join its senior team as it gears up under new ownership.
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Hires include Axa XL’s Chris Dougherty and former Validus property team Bill Steinberg and Stephen Nadeau.
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Jonathan Ritz takes over as CEO, alongside a slew of other board appointments.
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The two private equity houses said Friday that they expect the deal to close by the middle of this week.
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