By David Bull

April 30 - (The Insurer) - Former BMS Re CEO and Guy Carpenter executive Pete Chandler has joined MS Transverse as chief revenue officer, with the fast-growing hybrid fronting carrier also promoting Ethan Allen to the newly created role of chief program officer.

In a statement confirming the news, New York-based MS Transverse said Chandler’s responsibilities will include oversight of ceded reinsurance and business development.

The company also said that its current executive vice president of reinsurance Paul Goodwin will retire from his role at the end of 2025 after a period of active transition to Chandler.

Dennis Sparks, who is currently chief underwriting officer, will also retire from his full-time position and transition to a senior advisor role from next month.

Allen was part of the launch team at then Transverse back in 2018 and was most recently chief risk officer. In his new role he will oversee all aspects of MS Transverse’s program underwriting and operations teams.

He is a 30-plus-year veteran of the industry and has spent nearly half that time in the programs market, including leadership of AIG’s programs business in the Americas.

Chandler left his most recent role as BMS Re vice chairman in October last year as Brad Melvin arrived in the U.S. CEO role at the reinsurance intermediary.

Chandler was initially appointed president of BMS’s U.S. reinsurance operations when he joined from JLT Re in May 2019, before taking up the CEO role.

Commenting on the changes, MS Transverse CEO Dave Paulsson said: “We are grateful to Paul and Dennis for their years of hard work building the MS Transverse brand. We are also thrilled to add Pete to our team. His knowledge, experience and relationships within the industry will ensure we continue to lead the programs market.”

He added that the newly created role of chief program officer signals the carrier’s “ever-increasing focus on partner alignment and program performance.”

MS Transverse president John Fitzgerald said: “We would not be in our current leadership position without the high quality work and relentless efforts of Dennis and Paul over the last several years. We are fortunate to have both in-house talent like Ethan and the ability to attract established leaders like Pete to continue to build on our success.”

The carrier, which was acquired by Mitsui Sumitomo Insurance at the start of 2023, grew significantly in 2024 to $2.14 billion of gross premium written. It ceded $2 billion of premium to reinsurers, with net premium written was $114 million.

According to statutory data, MS Transverse jumped from $829 million of direct premium written in 2023 to $2.01 billion last year.

The company, which has $198 million of surplus and is currently rated A by AM Best, also generated a 43.2% gross loss ratio in 2024, with a 41.5% ceded loss ratio.