London-based international reinsurance broker UIB has overhauled its property team with a view to doubling the division’s revenues.
UIB appointed Mark Ritson, formerly a UIB Energy director, to head the property division and to spearhead its growth. The team has also been beefed up with the addition of Peter Draper as associate director and Tristan O’Brien as account executive; both also existing UIB employees.
UIB said the “aggressive expansion will see UIB offer a broader range of product lines across a wider number of territories.”
It is initially focused on Latin America, Europe, the Caribbean and in the MENA region where UIB has historically had a presence. “The broader product lines now being offered as part of the property division include: renewable energy; power generation; mining and traditional property risks,” UIB explained.
Ritson commented: “Our intention is to double the size of the property division within the next two years. To that end we have been travelling extensively to engage our teams on the ground to make them aware of our appetite to place risks they cannot place locally; risks that require the capacity or technical expertise of the London Market.
“We are also actively engaging with underwriters in London about this and our appetite to innovate by devising tailored solutions. We are very pleased with the feedback from all, which so far has been very positive.”