Reinsurance broker JLT Towers Re, which formed after JLT acquired the reinsurance brokerage business of Towers Watson last year, is launching its newly combined operations in Bermuda today.
JLT Towers Re Bermuda, has been created through the merger of JLT Re Bermuda and Towers Watson Re Bermuda after the acquisition. The expanded Bermuda operations will aim to build closer relationships with Bermuda’s reinsurance carriers as well as the ILS funds and third-party reinsurance capital firms based on the island.
Bradley Maltese, responsible for the Bermuda operations, commented; “Bermuda is a key marketplace and this team will help us enhance relationships with Bermudian carriers and provide further impetus to JLT Towers Re’s growth aspirations in a number of classes of business.”
One of the key focuses of the JLT Towers Re Bermuda team will be on industry loss warranty and retrocession broking, as well as property catastrophe reinsurance business. Gary Reynolds and Tom Doyle will lead the firms efforts in ILW’s, Property and Retro and will work in collaboration with JLT Towers Re colleagues both in the U.S. and London.
Guy Hengesbaugh will manage the day to day running of the Bermuda operations and at the same time continue to work closely with JLT Towers Re’s U.S. operations. Charles Withers-Clarke will lead Specialty classes of reinsurance business including Aviation, Energy, Marine and Space and will also work on specific property and casualty opportunities.
The JLT Towers Re Bermuda operations will be based at JLT Park Limited, a Bermudian wholesale broking operation specialising in the fields of Property, Casualty, Professional Liabilities, Healthcare and Construction, and part of the JLT Group.
Paul Scope, Chairman & Chief Executive of JLT Park Limited, explained; “We are delighted JLT Towers Re Bermuda will be based in the same office as JLT Park. This will create increased opportunity for these teams to work together and capitalise on each other’s expertise and specialist knowledge. Since 2008 the JLT Park and JLT Re teams have worked closely and we look forward to building on that collaborative relationship.”