Price Forbes Re, a specialist risk strategy and reinsurance broker, has announced the appointment of Brian Cole as executive vice-president, head of financial lines.
This strategic hire is part of the company’s expansion efforts in the US market.
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Cole, with more than three decades of industry experience, will be based in Boston and tasked with leading the growth of Price Forbes Re’s financial lines practice.
He will work in close collaboration with North America CEO Patrick Rastiello, who joined the company in February.
His background includes leadership roles such as executive vice-president of Gallagher Re, head of casualty at Lockton Re and head of D&O at Guy Carpenter.
Cole said: “I was attracted by Ardonagh’s track record in growth, handling around $18bn [£13.73bn] of premium globally, and Price Forbes Re’s ambitious plans for growth in the US, Bermuda and London markets.
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By GlobalData“Price Forbes Re has demonstrated that it is the place to connect seasoned professionals across jurisdiction and specialism to deliver a comprehensive programme for clients.”
Rastiello said: “I am pleased to welcome Brian to Price Forbes Re. Developing a strong financial lines vertical is a key part of our expansion plan. We are hiring top-class reinsurance professionals in the US, backed by outstanding analytics and service model.”
Price Forbes Re operates as an independent entity under Ardonagh Specialty, which is a division of the Ardonagh Group.
The group has been actively expanding its global footprint, including an agreement to acquire PSC Insurance Group, an Australia-based company, for A$2.25bn ($1.48bn).
Following approval from PSC Insurance Group’s shareholders last month, the deal is set to enhance the group’s position across retail, specialty and wholesale broking markets.
The integration of PSC’s Australian and New Zealand operations with Ardonagh’s local entity, Envest, is projected to create an insurance distribution platform with an annual gross written premium of A$3.3bn.
