Specialty reinsurance broker’s new leader of its North American reinsurance operations was previously CEO and president of Accredited.

Ardonagh Specialty has appointed Patrick Rastiello as CEO of its North American reinsurance operations, pending regulatory approvals.

Patrick Rastiello

Rastiello (pictured) will be responsible for building Ardonagh Specialty’s US reinsurance business, making strategic hires and leading business development with key accounts, the company said.

He will report to Ardonagh Specialty CEO Andrew Wallin, working closely with Nick Foden-Pattinson, president of its North American reinsurance business.

The North American team will work closely with sister company Inver Re teams in Bermuda and London, the reinsurance broker said.

Rastiello was previously president and CEO of Accredited, where he grew the business to more than $1.1bn premium run rate, leading on underwriting and growth decisions.

Prior to Accredited, he spent 24 years at Aon Reinsurance, where he launched its MGA practice group that went on to be one of the largest MGA brokers in the US.

“The specialty marketplace in the US is growing rapidly and fundamental changes to the way MGA and specialty business is handled are needed,” Rastiello said.

“Ardonagh’s, strength, expertise and reputation for embracing change made it the only organisation I would consider joining.

“I look forward to working with my new colleagues across Price Forbes and Inver Re to usher in a new era of superior guidance for new entrants, traditional underwriters and hybrid carriers alike,” he added.

Wallin added: “The US is the largest and most vibrant reinsurance market in the world. Pat is a pioneer of reinsurance broking and underwriting, and we’re proud to have him leading the charge.”