Global Indemnity Group has announced that its subsidiary, Penn-America Underwriters, LLC (PAU), is launching its first reinsurance managing general agency (MGA) in partnership with reinsurance executive George Dragonetti (pictured above, right). Dragonetti will serve as president of the new unit.
PAU, a division of GBLI, focuses on underwriting, growth, and distribution of insurance and reinsurance products, as well as technology solutions and claims services.
Praveen K. Reddy (pictured above, left), president and CEO of Penn-America Underwriters, LLC, described the launch as a significant step in the company’s development as a specialty provider.
“This launch represents a major milestone in our development as a specialty provider of insurance and reinsurance products and services,” Reddy said.
“In partnership with George Dragonetti and with George at the helm, we are confident in our ability to drive innovation, growth, and superior underwriting performance for our new reinsurance platform,” Reddy said.
Saul Fox, chairman of GBLI, noted that the partnership with Dragonetti aligns with the company’s broader strategic goals.
“Partnering with George Dragonetti to establish this innovative MGA marks a strategic leap forward for the company’s multi-prong Manifest initiative, underscoring GBLI’s commitment to expanding the company’s capabilities across both specialized insurance and reinsurance solutions,” Fox said.
Dragonetti brings over three decades of reinsurance expertise – including 13 years in Bermuda and 20 years in the US – to the new venture.
“His distinguished track record in developing tailored reinsurance solutions, building high-performing teams, and successfully executing strategic growth initiatives will be integral to establishing and advancing PAU’s reinsurance business,” Fox said.
The announcement follows the recent appointment of Jason C. Murgio to the board of directors at Global Indemnity Group. Murgio, who is principal and CEO of Merger & Acquisition Services, Inc., brings additional insurance industry experience to the board.
As of June, the GBLI board of directors includes Saul Fox as chairman, Jay Brown as CEO and director, as well as Seth Gersch, Thomas McGeehan, Fred Karlinsky, Bruce Lederman, and Jason C. Murgio.
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