Independent credit and political risk insurance broker BPL has launched BPL Re, a dedicated reinsurance division that will provide specialist expertise and tailored solutions to carrier relationships across credit, political risks and surety specialties.
BPL Re will be led by Alistair McVeigh, who holds over 25 years of experience in both credit, political risks and surety insurance and reinsurance broking.
He joins BPL Re from Guy Carpenter, where he served as a Managing Director since 2018. He previously served as UK Head of Marsh’s credit and political risk insurance practice, prior to holding senior roles in the credit and political risk teams of both Aon and WTW.
BPL noted that, while it has long applied reinsurance techniques and structures in tailoring solutions for direct insurance clients, this expansion will further enhance its offering.
BPL Re reportedly builds on its “market-leading” position in credit specialties, delivering additional value-added benefits to carrier clients and, over the longer term, helping to expand market capacity and strengthen overall capabilities.
“BPL Re will operate as a distinct business division within the BPL Group, with a dedicated and segregated team, stand-alone operations and modified infrastructure,” the firm added.
Alongside McVeigh, Louis Harvey has joined BPL Re as a Director. Harvey also comes from Guy Carpenter and brings more than 15 years of reinsurance broking experience, specialising in credit, political risk and surety. He previously spent nine years at Aon in London, where he was part of the Credit & Financial Risks team.
James Reynolds, Group Chief Executive Officer, BPL, commented, “The launch of BPL Re is a natural evolution of our specialist offering. For over four decades, BPL has built its reputation as the market leader for credit and political risk insurance.
“This remains a core focus for the business as we continue to innovate to deliver value based on the evolving needs of our clients and the market. While completely separate business units, both BPL and BPL Re will share the same commitment to centring our clients’ needs in everything we do.
“Alistair and Louis’ strong track record and deep understanding of credit, political risks and the surety sectors mean they are well positioned to lead our new offering and support the future expansion of the Group.”
Grahame Chilton, Non-Executive Chairman, BPL, said, “The credit, political risks and surety markets are evolving rapidly, with a growing global demand for capacity, additional sophisticated risk transfer requirements and an increasing need for specialist support. Reinsurance has an important role to play in helping carriers manage capital efficiently while supporting their long-term resilience. BPL Re has been established to bring dedicated expertise and a more strategic approach for clients operating in this environment.”
Alistair McVeigh, Head of Reinsurance, Credit, Political Risks and Surety, BPL Re, commented on the new role, “Both financial institution and corporate policyholders are rapidly reshaping the credit, political risks and surety markets, fuelled by an increasingly volatile economic, geopolitical and regulatory environment.
“This evolving market complexity and scale is in turn driving growth and competition, extending capacity and capability needs, while attracting capital inflows and new market entrants – as well as propelling more sustained demand from carriers for risk transfer solutions and support from the reinsurance market.”
Louis Harvey, Director, Credit, Political Risks and Surety, BPL Re, added, “BPL Re is designed to meet this need, supporting agencies and carriers to navigate the increasingly multi-faceted risk landscape and deliver corporate objectives through access to optimal structures, partnerships and terms.
“This is a compelling opportunity and time in the market cycle to build a class-focused, entrepreneurial and genuinely buyer-aligned offering within the specialty reinsurance market.”
