A former member of the island’s insurance and reinsurance sector has been appointed chief executive officer of Arkansas-based Hadron, the specialty insurer.

The company said Sam Reeder will build on Hadron’s momentum, having launched just six months ago with more than $250 million in capital support from Altamont Capital Partners and recently expanding into the British market.

Hadron said its unique hybrid offering caters to the needs of reinsurers looking to access the specialty insurance market and managing general underwriters wanting to provide small businesses with protection that standard carriers won’t cover.

Mr Reeder previously spent four years as the CEO of Validus Specialty Underwriters, a US-based Lloyd’s-approved cover holder and underwriting agency wholly owned by AIG, focused on providing specialty insurance solutions for US insureds and their global exposures.

Before that, he held roles of increasing responsibility in areas of business and corporate development for Validus Holdings Ltd (Bermuda) and Validus US, where he focused on M&A and other strategic assignments across the group’s diverse platforms spanning Lloyd’s, Bermuda reinsurance, ILS and US insurance.

He will lead a seasoned management team at Hadron that averages more than 20 years of experience per member.

“This is a critical inflection point for the specialty insurance industry, and I am thrilled to lead Hadron and help drive its pioneering approach to meet the market’s needs,” Mr Reeder said.

“The expansion of MGUs and other delegated authority businesses has been notable, but the slow, opaque underwriting, on boarding processes and a lack of reinsurer-carrier alignment continue to hinder progress.

“After engaging with Altamont on their plans for Hadron and its constructive and transparent approach to underwriting risk, rapid, quality programme development, operational and regulatory credibility, and highly rated capacity, it was clear that this approach could make a meaningful difference.

“I look forward to building on our risk expertise, data infrastructure, technology, and financial stability.”