For Immediate Release November 20, 2002
Elsass Named President & CEO U.S. Re Agencies, Inc.
New York, NY - Sanford D. Elsass has been named President & Chief Executive Officer of U.S. RE Agencies, Inc., a subsidiary of New York-based U.S. RE Companies, Inc., Tal P. Piccione, Chairman & Chief Executive Officer of U.S. RE Companies, Inc., made the announcement.
U.S. RE Agencies, Inc. serves as the internal parent company for U.S. RE Group subsidiaries operating as Managing General Underwriting Companies, Managing General Agencies, Program Management Companies, and Wholesale Brokers. Other subsidiaries include: U.S. RE Corporation, one of the largest global reinsurance brokers; Uni-Ter International Insurance Company and Uni-Ter International Management, both based in Bermuda; and Fenelon Ventures LLC, the merchant banking arm of U.S. RE.
Mr. Elsass came to U.S. RE after a three-year stint at Marsh Berry & Company, the investment-banking firm based in Cleveland, OH, where he specialized in insurance-related mergers and acquisitions. He served previously as Chief Executive Officer of Montgomery & Collins (M&C), one of the five largest insurance wholesalers in the U.S. He grew the company over six years and arranged its sale to Marsh McLennan in 1999. Earlier, he founded The Arbor Group, a small venture capital fund that bought M&C. He began his insurance career with MacIntyre, Fay, and Thayer in Newton, MA, which grew into one of the top 50 insurance agencies in the country under his leadership. He is a graduate of Ohio University in Athens and is a trustee of the Ohio University Foundation.
"Sandy Elsass brings dynamic energy and rich experience to the U.S. RE Group," Mr. Piccione said. "Throughout his career, Sandy has been the agent of dramatic growth in each enterprise where he served. U.S. RE is a growth company. We welcome Sandy to our leadership team." Mr. Piccione added.
Mr. Elsass serves also as Chairman & Chief Executive Officer of two Atlanta-based members of the U.S. RE Group: Uni-Ter Underwriting Management Company, a leading provider of liability insurance and other services to the health care industry; and Uni-Ter Claims Services Corp., a third-party administrator of claims services to providers of insurance to the long-term care industry. Mr. Elsass also is President of Fenelon Ventures III, LLC, U.S. RE's investment banking unit.
