Specialty (re)insurer Chaucer has launched a new reinsurance branch in Bermuda in a bid to provide its US clients with greater access to its specialty underwriting expertise.
The launch follows the approval by the Bermuda Monetary Authority and the Central Bank of Ireland.
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This new branch will function as a Class 4 (re)insurer, writing a range of US property, casualty and specialty reinsurance business for Chaucer Insurance Company, which launched in Dublin in 2017.
It will consider business on a primary, quota share and excess of loss basis.
Chaucer US Property Treaty head James Holliss has moved to Bermuda to lead the new branch.
Commenting on the development, Holliss said: “I’m delighted to lead Chaucer’s new branch in Bermuda. I believe that our expertise and service commitment, combined with our financial strength and growth ambitions, means that we will be able to offer a compelling and relevant proposition to this strategically important market.”
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By GlobalDataHolliss and his team is joined by underwriter Zak Mallen to develop a portfolio of US casualty reinsurance business.
Chaucer CEO John Fowle said: “Bermuda is a key market and we are excited to be here. This move builds on our existing infrastructure as we aim to provide brokers and clients with smart underwriting solutions.”
Chaucer Insurance Company general manager Michelle Moore said: “Opening our Bermuda branch is a strong statement of our intent to expand Chaucer Insurance Company’s international presence and to grow our business.
“In James, we have a very highly regarded reinsurance underwriter, with strong relationships in Bermuda and the US. We have bold ambitions to grow our Bermudian operation and anticipate adding both personnel and product lines in the near future.”
In March this year, Chaucer forged a strategic partnership with Artificial Labs to develop a next-gen underwriting platform for speciality products.
