Helix Underwriting Partners Ltd., the first multi-line independent Managing General Agent in Bermuda, has announced the receipt of all necessary approvals to begin operations.
At the same time, the company has announced that it has entered into its first agency agreement to underwrite Middle Market Property Insurance on behalf of insurer QBE in Bermuda.
Helix was founded by insurance and reinsurance industry veterans Claude Lefebvre, Nicholas Lucking and Neville Watson, and was incorporated in December 2018 in Bermuda. The firm develops distribution channels by bringing together best-in-class underwriting talent and technology, which it says creates superior operating efficiencies and data transparency for its strategic partners.
Currently, Helix offers a property program that focuses on individual risk business written on Excess and Surplus Lines basis. The company’s Middle Market Property Insurance targets risks that have a total insurance value of between USD 200 million and USD 2 billion. Helix states that it has designed an excess and surplus market product, MM100F, to deploy 100% of limit shared on excess of loss layers targeting soft occupancy business.
Helix President, Lefebvre, commented: “Helix brings a new business operating model to the island. The partnership with QBE is an ideal introduction to our offering; we are very pleased to have secured our first program to underwrite our Middle Market Property with such a prestigious carrier partner.
“We also have an active pipeline of new opportunities in front of us and look forward to more exciting partnerships throughout 2020.”