Near 200 year old insurance and reinsurance broking group Tysers has opened its first Bermuda office as it seeks further expansion and to produce business from both traditional and alternative or ILS markets on the island.
Tysers has a long history of specialty lines broking, particularly in the London market, but has also been active to a degree in engaging with insurance-linked securities (ILS) markets and alternative reinsurance capital over the years.
This week the brokerage has announced the launch of a new Bermuda-based affiliate, Tysers (Bermuda) Ltd. and senior reinsurance focused employee Richard Tomkins has relocated from to the island to become Managing Director of Tysers Bermuda.
Richard Tomkins commented on the news, “I’m excited to build the Tysers Bermuda office. Tysers Bermuda will provide access to additional insurance markets for our independent broker relationships globally.”
Tomkins has more than 30 years of insurance and reinsurance brokerage experience, covering both mainstream and specialty areas of the market. His predominant focus has been on treaty and binding authority lines of coverage.
Tomkins joined Integro Insurance Brokers Ltd. in 2006, which subsequently acquired and merged with Tysers, along with Nick Harrap to grow the broker’s Reinsurance business.
With Tomkins taking on the lead role for Tysers Bermuda, Harrap will now become the new Managing Director of Reinsurance for Tysers.
Tysers noted that Bermuda has a regulatory environment that will allow risk capital to be deployed in innovative ways and that its location positions Tysers to take greater advantage of business hailing from the United States.
The Bermuda platform will enable Tysers to better assist prospects and clients where other markets are constrained by either capital or regulation and produce reinsurance business from traditional markets as well as from alternative ILS markets, the company explained.
Tomkins said, “We see particularly attractive opportunities that will complement our specialty focus in both insurance and reinsurance, along with providing additional capacity for our clients globally, where other markets are not responding to the demand.
“Overall, this will provide our clients with the best possible solutions. We are also actively seeking to build our broking capabilities and expertise in Bermuda to match our needs as we grow the office”.
Jason Collins, Co-Head of Tysers, also said, “Tysers sees the expansion of the office in Bermuda, to serve its worldwide clients, as an important part of our overall strategic plan. Our commitment to Bermuda is demonstrated by moving Richard, an important leader of Tysers, to lead this new venture. He has supported the growth of our London business over the last 13 years and is the ideal person to execute this part of our strategy.”
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