Chaucer, the London-based specialty re/insurance group, announced the launch of a reinsurance branch in Bermuda to provide U.S. clients with greater access to its underwriting expertise and capacity. This follows the receipt of the necessary regulatory approvals from the Bermuda Monetary Authority and the Central Bank of Ireland.
Chaucer will operate as a Class 4 re/insurer in Bermuda, writing a range of U.S. property, casualty and specialty reinsurance business for Chaucer Insurance Co., which launched in Dublin in 2017 to provide clients with more platform and security choice and to support Chaucer’s growth plans.
James Holliss, Chaucer’s head of U.S. Property Treaty, has transferred to Bermuda to lead the operation, which will underwrite business on a quota share and excess of loss basis. Holliss is a highly respected underwriter with 20 years of reinsurance underwriting experience at Chaucer, after beginning his insurance career with CNA London. Underwriter Zak Mallen has also joined the team in Bermuda to build a portfolio of U.S. casualty reinsurance business to complement Chaucer’s position in London.
“Bermuda is a key market and we are excited to be here,” said John Fowle, chief executive officer of Chaucer. “This move builds on our existing infrastructure as we aim to provide brokers and clients with smart underwriting solutions.”
Michelle Moore, general manager of Chaucer Insurance Co., commented: “Opening our Bermuda branch is a strong statement of our intent to expand Chaucer Insurance Co.’s international presence and to grow our business. In James and Zak, we have a very highly regarded team with strong relationships in Bermuda and the U.S. We have bold ambitions to grow our Bermudian operation and anticipate adding both personnel and product lines in the near future.”
With a financial strength rating of A (Excellent) from AM Best, Chaucer Insurance Co. said it benefits from the financial strengths of its parent company, China Re, the seventh largest reinsurance company in the world.
Source: Chaucer
Topics Carriers USA Excess Surplus New Markets Underwriting Reinsurance London
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