Brit Group, the global specialty insurer and reinsurer with a large presence at Lloyd’s, is aiming to increase its penetration into the global reinsurance market with the opening of an office in Bermuda, targeting expansion for its distribution network and focusing on catastrophe risks.
The office will have a number of lines of business to build out. There will be a core focus on underwriting excess workers compensation reinsurance, an area of growth in the U.S. right now. Additionally, the Bermuda Brit office will see it focus on catastrophe risks, with U.S. property catastrophe reinsurance, retrocession and ILW’s covers.
Matthew Wilson, CEO of Brit Global Specialty, commented on the new office; “Opening a branch office in Bermuda will enhance the distribution capability of the Group by affording Brit broader access to both casualty and property treaty business. These are areas in which the Group already has significant expertise and where profitability has been strong. This is another key step in developing Brit’s global offering.”
The focus on property catastrophe, retro and industry loss warranties (ILW’s) will likely see Brit further increase its focus on the reinsurance convergence market and alternative capital sources, at least as a provider of investment opportunities through its distribution of capital markets focused reinsurance products. Recently, Brit hired Joy Ferneyhough into a new role as Director of Strategy and Corporate Development, where she has a focus on developing relationships with key players in the capital markets.
Brit has appointed Joe Bonanno as Head of the new Bermuda office, an executive with a speciality in excess workers compensation reinsurance and who previously held a Senior Vice President role at Markel Bermuda (formally Alterra Bermuda Ltd).
Alongside Bonanno, Brit have appointed Julia Henderson, ex-Vice President at PartnerRe, who will be responsible for building the business in the areas of U.S. property catastrophe reinsurance, retrocession and ILW’s covers.
Commenting on the appointment of Joe Bonanno and Julia Henderson, Matthew Wilson added; “We are excited to add Joe and Julia’s significant experience to the Brit team and hope this expansion in our distribution capability will enable us to get closer to both our clients and brokers, offering them products that we do not currently provide in London.”