Global Indemnity Group (GBLI), through its subsidiary Penn-America Underwriters (PAU), has launched a new reinsurance managing general agency (MGA). 

The new unit represents PAU’s first de novo venture in its MGA platform expansion. 

It will be led by George Dragonetti, an experienced reinsurance executive, who will serve as its president. 

PAU is focused on underwriting, growth and distribution of both insurance and reinsurance products. It also offers technology solutions and claims services. 

Before joining PAU, Dragonetti was head of property at Emerald Bay Risk Solutions and held leadership roles at Nav Re and RLI Re. 

GBLI chairman Saul Fox said: “Mr. 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.” 

Dragonetti said: “I am honoured to partner with PAU and to head up its MGA reinsurance business. I look forward to working closely with the leadership team to accelerate growth and deliver underwriting excellence. 

“Beyond driving the success of our reinsurance business, I am eager to contribute to PAU’s broader strategy and long-term objectives.” 

GBLI is a publicly traded holding company that manages property and casualty insurance businesses, which handle sourcing, underwriting and servicing policies. 

Global Indemnity has controlling interests in two main entities: PAU and Belmont Holdings GX. 

PAU comprises a network of three agencies: Penn-America Insurance Services, J.H. Ferguson and Associates (including the Vacant Express division) and Collectibles Insurance Services.  

These agencies are dedicated to sourcing, underwriting and servicing insurance policies.  

Additionally, PAU includes three strategic insurance product and service businesses. Sayata serves as a marketplace for small commercial insurance, while the Liberty Insurance Adjustment Agency focuses on claims adjustment and services. Kaleidoscope Insurance Technologies provides insurance software and services, enhancing the offerings of PAU. 

Belmont Holdings GX consists of five state-regulated insurance carriers: Penn-Patriot Insurance Company, Diamond State Insurance Company, Penn-Star Insurance Company, Penn-America Insurance Company and United National Insurance Company.  

Commenting on the launch, Penn-America Underwriters president and CEO Praveen Reddy said: “This launch represents a major milestone in our development as a speciality provider of insurance and reinsurance products and services. 

“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.” 

Earlier this year, GBLI completed a reorganisation initiative known as Project Manifest, aimed at enhancing operational efficiency and fostering growth. 

The reorganisation resulted in the formation of business units within the Penn-America divisions and new independent technology and claims service companies. 

It also led to the creation of separate entities for each of Penn-America’s wholesale commercial, vacant express, collectibles and speciality divisions.