Global specialty insurer and reinsurer, Chaucer, has announced the launch of a new reinsurance branch based in Bermuda, designed to provide U.S. clients with greater access to its specialty underwriting expertise and capacity.
The launch comes after the receipt of the necessary regulatory approvals from the Bermuda Monetary Authority (BMA) and the Central Bank of Ireland.
Chaucer is set to operate as a Class 4 re/insurer in Bermuda, writing a range of US property, casualty and specialty reinsurance business for Chaucer Insurance Company, which launched in Dublin in 2017.
The Dublin-based carrier has a Financial Strength Rating of A (Excellent) from AM Best and benefits from the financial strengths of China Re, Chaucer’s parent company.
Chaucer’s Head of US Property Treaty, Jason Holliss, has transferred to Bermuda to lead the new operation, which will consider business on a quota share and excess of loss basis. Holliss brings two decades of reinsurance underwriting experience at Chaucer, after commencing his career with CNA London.
Additionally, underwriter Zak Mallen has also joined the Bermuda team to build a portfolio of US casualty reinsurance business to compliment Chaucer’s leading position in London.
John Fowle, Chief Executive Officer (CEO) of Chaucer, commented: “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.”
Holliss, Head of Bermuda, added: “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.”
Michelle Moore, General Manager of Chaucer Insurance Company, 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 and Zak, we have a very highly regarded team 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.”
