Duncan King and Joe Bonanno have been appointed to lead the underwriting division of Roosevelt Road Re Ltd, a Bermuda-headquartered company providing reinsurance for captives, insurance and reinsurance companies, managing general agencies, risk-retention groups, run-off companies and other insurance-related entities.

Duncan King will become the new chief underwriting officer in early 2022 after his resignation from Argenta Group, where he held the position of senior underwriter for casualty and specialty treaty.

In the Lloyd's market for 37 years, he brings knowledge, experience and innovation.

He has written a broad range of classes and enjoys strong relationships in Bermuda, international markets, the US and London, where he will continue to be based.

Joe Bonanno has stepped into the role of head of reinsurance, Bermuda, and senior vice-president of underwriting and will report directly to Dan Hickey, CEO of Roosevelt Road, until Mr King’s contractual obligations with Argenta Group have been completed, the company said.

It added that Mr Bonanno’s experience and knowledge of working in the market from a Bermuda perspective, along with the key contacts he has developed here and in the United States, will add significant value and dovetail with Mr King’s relationships to ensure that all bases are covered and provide optimum service for brokers and clients alike.

He most recently served as the chief underwriting officer of Brit Reinsurance (2018-2021) where he headed the Bermuda office from 2013 to 2021.

Mr Bonanno said: “It’s a great time to develop and expand an existing reinsurance company from its current, specific role into a wider, risk-bearing entity on the global stage.

“With easy access to the US and the UK, a great talent pool and the knowledge of the BMA, Bermuda provides the perfect backdrop.”

Dan Hickey, CEO of Roosevelt Road, and CEO and founding partner of Tradesman Program Managers, said that he was “thrilled to have reached another meaningful stage in the execution of the Roosevelt Road Re plans by welcoming on board two key executives with immense talent and experience as we diversify and move forward in creating a bespoke reinsurer in Bermuda”.

Ken Randall, non-executive director of Roosevelt Road, added: “I am delighted to add my welcome to Duncan and Joe. The recruitment of such high-calibre individuals signals the intention to move Roosevelt Road Re Ltd forward to an exciting next phase of controlled expansion.

“Dan Hickey has already established a formidable MGA business in Tradesman Program Managers, and with Duncan and Joe on board the foundations are being laid to create a high-quality, specialist reinsurance presence in Bermuda.”