Brit Global Specialty USA Transfers Renewal Rights for Cargo Business to Falvey Cargo

June 29, 2020

Brit Global Specialty USA will transfer the renewal rights for its cargo business to Falvey Cargo Underwriting, effective July 2.

As part of the deal, Will Frohne and Yasu Saegusa will move from Brit to Falvey Cargo as underwriters.

Brit said it believes Falvey is a better strategic fit for its cargo business, as it continues to focus its growth around core products that present the strongest opportunities to build scale and generate sustainable returns.

“Falvey is committed to making the transition seamless for brokers formerly working with Brit…” said Mike Falvey, president and CEO of Falvey Cargo Underwriting. “More importantly, we are very excited to welcome Will and Yasu to the team as they are a great fit for our organization. They provide outstanding service to brokers and are some of the best marine cargo underwriters in the market today.”

Frohne has almost 22 years of experience in marine insurance and reinsurance, with a background in cargo. He has held various senior positions on both the underwriting and broking side with RSA, Marsh, Willis Re, Allianz, and most recently with Brit where he was senior vice president – Marine, charged with building out Brit’s presence in the U.S. cargo market. He is an active member of the American Institute of Marine Underwriters and holds a Certificate in Ocean Marine Insurance. Frohne graduated from SUNY Maritime College, Ft. Schuyler, with a Bachelor of Science degree in Meteorology & Oceanography. He holds an unlimited tonnage any ocean U.S. Coast Guard 3rd Officer’s license in the U.S. Merchant Marine. Frohne will be based in Long Island, N.Y.

Yasu Saegusa has over 16 years of experience in cargo underwriting, holding multiple senior underwriting and management positions with AIG’s Tokyo, New York, and Los Angeles offices, and most recently with Brit as VP marine, focusing on developing Brit’s cargo book on the West Coast and supporting growth of the national cargo portfolio. Saegusa graduated from Keio University in Tokyo, Japan with a bachelor’s degree in Economics and is fluent in both English and Japanese. Saegusa will be based in Los Angeles, Calif.

These new additions will bring Falvey Cargo’s underwriting headcount to 13, as the company approaches its 25th year in operation.

About Brit

London-based Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Brit is a subsidiary of Fairfax Financial Holdings Ltd.

About Falvey Cargo Underwriting

Headquartered in North Kingstown, R.I., Falvey Cargo underwrites marine cargo coverage in three cargo industry segments: general cargo, life sciences, and technology. Founded in 1995, Falvey Cargo Underwriting describes itself as the largest cargo covernote holder at Lloyd’s of London. It has offices in Rhode Island, California, New Jersey, New York, North Carolina, Washington, Toronto and London, with dedicated loss prevention, claims adjusting, and recovery services in-house. Falvey Cargo Underwriting is a subsidiary of Falvey Insurance Group.

Source: Brit and Falvey Cargo

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