Clay Rhoades has been named CEO of Hamilton Select Insurance Inc, a US excess and surplus lines insurer formed by Bermudian-headquartered global re/insurer Hamilton Insurance Group Ltd.

The newly launched entity has received a financial strength rating of A- (Excellent) from AM Best Company Inc.

Mr Rhoades was formerly president, US E&S. He will continue to report to Hamilton CEO Pina Albo.

The company said Mr Rhoades joined Hamilton a year ago and has successfully grown the company’s US-based book of E&S insurance business.

He leads a Richmond, Virginia-based team, writing hard-to-place risks for small and mid-sized businesses, with plans for additional products and recruitment already under way.

Ms Albo said: “Under Clay’s leadership, we hit the ground running. In one year, we’ve gone from being a start-up to writing business across multiple lines and are now launching a dedicated E&S carrier to further enable the business to grow.

“The breadth and depth of experience of our E&S colleagues, combined with the capabilities and collaborative culture of Hamilton’s global team, is a compelling proposition.”

Mr Rhoades said: “The launch of Hamilton Select Insurance Inc underscores our commitment to the US E&S space. We continue to leverage this period of accelerated market growth and are dedicated to delivering solutions of value as a leading E&S option for our brokers and clients.”