State National Companies, Inc. (NASDAQ: SNC), a leading specialty provider of property and casualty insurance, today announced that Matt Beard has been named Senior Vice President of Business Development of its Program Services segment, which provides fronting capacity by offering broad licensing authority and national access to insurance products and markets to clients.
"Matt's extensive industry experience strengthens our Program Services segment and further develops State National's relationships with managing general agents and reinsurance intermediaries," said Terry Ledbetter, Chairman and CEO of State National Companies. "He brings expertise in pairing program managers with reinsurance capacity and has a proven track record in working with both U.S. and international markets."
Mr. Beard has extensive insurance and reinsurance experience, specializing in program business. Most recently, he served as President for Assure Re Intermediaries, Inc. in Dallas, Texas. Previously he assisted in forming and developing Assure Re Intermediaries, Inc. and held positions at BMS Intermediaries in both London and Dallas. Mr. Beard started his career with EWI Re.
State National's Program Services business provides fronting to general agents and insurance carriers to leverage its "A" (Excellent) A.M. Best rating with its expansive licenses and trusted reputation to provide access to the U.S. property and casualty insurance market in exchange for a ceding fee. State National issues the policy, and the reinsurer assumes the risk.
"I am excited to join the market leader in the fronting and Program Services segment and to join a company with such a remarkable history of success. I look forward to working with this team of experienced professionals and assisting State National's clients to achieve their goals and objectives," said Mr. Beard.