Brit Group To Open Branch Office In Bermuda
Subject to final regulatory approval from the BMA and Lloyd’s, Brit Group on Friday [Sept 6] announced that it is looking to expand its distribution network by opening a branch office in Bermuda.
The office will focus on underwriting excess workers compensation reinsurance as well as US property catastrophe reinsurance, retrocession and ILW’s covers.
A spokesperson said, “Brit are delighted to announce the appointment of Joe Bonanno as Head of the new Bermuda office. Joe specialises in excess workers compensation reinsurance and was previously a Senior Vice President with Markel Bermuda [formally known as Alterra Bermuda Ltd].
“Joining Joe in Bermuda will be Julia Henderson, previously a Vice President at PartnerRe, who will be building the business in the areas of US property catastrophe reinsurance, retrocession and ILW’s covers”.
Matthew Wilson, CEO of Brit Global Specialty, said: “Opening a branch office in Bermuda will enhance the distribution capability of the Group by affording Brit broader access to both casualty and property treaty business. These are areas in which the Group already has significant expertise and where profitability has been strong. This is another key step in developing Brit’s global offering”.
Commenting on the appointment of Joe Bonanno and Julia Henderson, Matthew Wilson said: “We are excited to add Joe and Julia’s significant experience to the Brit team and hope this expansion in our distribution capability will enable us to get closer to both our clients and brokers, offering them products that we do not currently provide in London”.
