Helix Underwriting Partners Ltd., an independent, multi-line Managing General Agent (MGA), has expanded its agency platform into the excess casualty insurance segment in Bermuda.
Claude Lefebvre, President of Helix, explained that the launch of the Excess Casualty offering will allow the company to build its portfolio and broaden the products available for its insured partners.
“The excess casualty market has seen a marked decrease in capacity in the last 24 months. Long-term clients who have partnered with the Bermuda market need innovative and thoughtful underwriting to ensure Bermuda can continue to be a safe harbor for their risk,” said Lefebvre.
“We look forward to providing responsible and stable capacity to our clients and facilitating their long-term risk management goals,” he added.
The expansion will also see Tim Hadler join as Chief Underwriting Officer (CUO) to lead the new program, with Nigel Mortimer becoming a director and strategic advisor of Helix.
Together, Hadler and Mortimer bring over 50 years of combined casualty re/insurance experience to Helix.
Until recently, both worked for Argo Group, where Mortimer was President of the Bermuda insurance operation he founded with Hadler in 2009. Mortimer currently serves as Executive Chairman of Kettle Re and will retain that position.
Hadler also noted that there were echoes of the excess casualty crisis of the mid-1980s, which proved to be a pivotal period in the history of Bermuda’s re/insurance market, adding: “The reasons for dislocation are well documented. Many carriers are cutting back on their casualty portfolios with over $400 million of capacity that has recently pulled out of the market.
“This is an opportunity for Bermuda as a market and Bermudian talent to shine and we’re really very pleased to soon be welcoming Richard Weare, Jack Keyes and Kameka Simmons to Helix’s Casualty team.”
Following this announcement, Helix has also entered into a long-term agency agreement with specialty reinsurer, Watford Re, in respect of the Excess Casualty.
“We are very pleased to have entered into a partnership with Watford Re, complimented by a strong panel of reinsurers to ensure long-term stability in the capacity being provided. We expect the market to welcome Helix’s new program, which features a Maximum Individual Risk Line of $25 million,” said Lefebvre.
“We’re thrilled to welcome Nigel as a director and Tim to the Helix team. They bring best-in-class casualty underwriting expertise and provide the strong leadership that will make our Excess Casualty Insurance business stand out in the market.”
