Ryan Specialty Group and Nationwide have teamed up to form a new Bermudian reinsurance company called Geneva Re.

Michael O’Halleran will be the new company’s executive chairman. Mr O’Halleran is well known in the industry, having previously served as executive chairman of Aon Benfield and as president and chief operating officer of broker Aon.

Nationwide is an insurance company based in Ohio, while RSG is a Chicago-based holding company for insurance brokerages and managing general agencies. Each company will have a 50 per cent stake in the venture.

Ryan Re, an RSG-affiliated company led by Brian Boornazian, the chief executive officer, will act as the exclusive underwriting manager for Geneva Re.

Mr Boornazian is a 37-year veteran of the insurance industry, having previously worked for Gen Re, Guy Carpenter, Cologne Re, NAC Re, XL Re and Aspen Re.

In a statement, Geneva Re said it will have the financial strength to immediately accept a diversified portfolio of reinsurance business from Ryan Specialty Group’s underwriting programmes.

It is anticipated that Geneva Re will be able to begin underwriting business on July 1 this year subject to the approval of the Bermuda Monetary Authority.

Nationwide will also appoint Ryan Re as its exclusive underwriting manager for third-party property and casualty treaty reinsurance business flowing through Geneva Re.

Mr Boornazian said: “I believe we are bringing an unprecedented proposition to the reinsurance market.

“Combining the quality and balance sheet strength of Nationwide, the innovation and market presence of RSG, and the well respected and experienced underwriters will uniquely position Ryan Re to provide the security and underwriting insight to our brokers and clients.”

RSG said the strategic partnership will enable it and Nationwide to grow in the specialty lines market, while expanding upon an already strong relationship.

Patrick Ryan, chairman and CEO of RSG, said the companies “share a similar culture, which is critical to entering into a long-term relationship”.

Mark Berven, president and COO, Nationwide property and casualty, said: “We look forward to furthering our relationship with RSG, who is today one of our largest E&S/specialty distribution partners.

“This relationship will create new opportunities for both organisations to expand our reach and serve additional niche markets that are currently underserved.”