American Safety Launches UK Subsidiary
Bermuda-based American Safety Insurance Holdings, Ltd. today [Mar.5] announced its formation of American Safety UK, Ltd., a London based company that will produce casualty treaty reinsurance for American Safety Reinsurance, Ltd., the company’s reinsurance subsidiary.
The operations of American Safety UK, Limited are expected to commence in the second quarter of 2012, subject to regulatory approval, and will complement those of American Safety Reinsurance, Ltd.
Barry Slater has been named as a Director of American Safety UK, Limited. Mr. Slater has more than 30 years of experience in the casualty reinsurance industry. Prior to joining American Safety, Mr. Slater held positions as Executive Director of Oxford Insurance Brokers, Ltd. and Casualty Operations Director of Catlin Group.
“The formation of American Safety UK, Limited is part of our strategy to build scale in our reinsurance operations,” said Stephen Crim, Chief Executive Officer of American Safety Insurance Holdings, Limited. “We are particularly pleased to have such an accomplished executive with in-depth reinsurance experience join our organization.”
Nick Pascall, Chief Underwriting Officer of American Safety Reinsurance, Ltd. added, “Having a permanent presence in the London market will significantly enhance the group’s ability to service its clients and brokers, and will provide diversification within the reinsurance portfolio.”
For 25 years, American Safety Insurance Holdings, Ltd., a Bermuda holding company, has offered innovative solutions outside the US in the reinsurance and alternative risk markets through its subsidiaries, American Safety Reinsurance, Ltd. and American Safety Assurance, Ltd., and in the US for specialty risks and alternative risk markets through its program administrator, American Safety Insurance Services, Inc., and insurance company subsidiaries and affiliates, American Safety Casualty Insurance Company, American Safety Indemnity Company, American Safety Risk Retention Group, Inc., American Safety Assurance, Inc.
As a group, ASI’s insurance subsidiaries and affiliates are rated “A” [Excellent] IX by A.M. Best.
Read more here: http://www.sunherald.com/2012/03/05/3796056/american-safety-insurance-holdings.html#storylink=cpy
