Acrisure Re has announced that senior vice president Danny Souza (pictured above) will lead its newly established West Coast operations, based in San Francisco.
Souza will continue to report to Marc Piccione, partner and managing director of the firm's New York office.
The move is part of Acrisure Re's plan to expand its footprint in the North American market. Souza, who joined Acrisure Re in 2016, will continue to oversee responsibilities in New York in collaboration with Piccione while also developing the firm's presence in California.
Mark Hargreaves, also a senior vice president, will support the expansion as part of the San Francisco-based team.
According to the company, the West Coast initiative is intended to build stronger relationships with clients in California and surrounding markets. The region represents an area of opportunity for new treaty business and engagement with Acrisure's broader West Coast network.
Acrisure Re has been steadily building out its North American operations. Last year, the company appointed Jim Botsis to head its Chicago office, expanding into the Midwest and reinforcing its commitment to a regional operating model.
The firm's corporate advisory unit, ARCAS (Acrisure Re Corporate Advisory and Solutions), also expanded into North America with the appointment of Alex Orloff as managing director.
The West Coast expansion also comes as the California reinsurance market continues to face pressure due to sustained catastrophe exposure, particularly from wildfires. Increased loss activity has led to higher retention levels and constrained capacity in recent renewal cycles.
Simon Hedley, CEO of Acrisure Re, said California presents significant growth potential and that Souza will lead the expansion effort.
“It is great to have Danny leading this effort, and this marks an exciting step in our North American expansion,” Hedley said.
Meanwhile, parent company Acrisure has also attracted significant investment to support its broader business strategy. A US$2.1 billion funding round led by Bain Capital brought Acrisure’s valuation to US$32 billion.
According to the company, the capital will be used to accelerate growth initiatives, both within insurance and in non-insurance areas such as cybersecurity and fintech services.
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