Tower Group International, Ltd. has entered into the marine and energy insurance market. Tower’s new marine and energy team will be led by Tom Guarnera and Jeff Kaufmann, who are joining Tower from the U.S. office of ANV Holdings BV, a Netherlands-based company (ANV).
In accordance with an executed definitive agreement, Tower has acquired the ongoing marine and energy business written by the U.S. office of ANV. In addition to Guarnera and Kaufmann, key ANV employees currently involved in the servicing of the marine and energy business are now employees of Tower.
The business, which will be based in New York, produced approximately $30 million in 2012 premiums, and will look to continue to grow over the next five years. In addition, Tower will acquire from ANV unearned premium reserves associated with the business. Tower will service existing ANV Global Services’s marine and energy customers according to the terms of the agreement until the completion of the run-off of the subject business.
Tower’s marine and energy business will primarily consist of ocean marine, including hull, cargo and liability; offshore energy, including property and liability coverage focused on upstream energy; and inland marine.
The senior leadership of the team joining Tower includes Guarnera and Kaufmann. Guarnera has been in the marine and energy business for 40 years, with senior positions in this market, including responsibility for the underwriting and management of a marine liability, hull and offshore energy book at NYMAGIC and as managing director at ANV Global Services. He is the former chairman of WQIS (Water Quality Insurance Syndicate) and is a board member of the American Bureau of Shipping.
Kaufmann has 25 years of experience underwriting and managing marine and energy specialty lines. He was previously managing director, underwriting at ANV Global Services and the chief underwriter for XL’s Marine and Energy business in the Americas, and has held underwriting positions with Reliance National and Marine Office of America Corp. (CNA).
Tower Group International, Ltd. is a Bermuda-based global diversified insurance and reinsurance holding company.
Topics New Markets
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