W.R. Berkley Corporation has announced the formation of two units focusing on surety and specialty commercial, Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., after receiving authorization to start operating by Mexican regulator Comisión Nacional de Seguros y Fianzas (CNSF).
Berkley International Fianzas México S.A. will focus on surety business with Guillermo Espinosa Barragan named as general director, while Berkley International Seguros México will offer an array of specialty commercial insurance products and services, under the leadership of Javier Garcia Ortiz de Zarate as newly appointed general director.
W. Robert Berkley, Jr., Chief Executive Officer (CEO) and President of W. R. Berkley Corporation, commented; “Mexico is a vibrant market with relatively low insurance penetration that provides significant opportunities.
“Guillermo and Javier both have extensive knowledge of the surety and insurance markets, respectively, in Mexico, and their experience will enable us to develop a superior offering of products and services tailored to the specific needs of clients in the region. We are pleased to welcome them to our team.”
Espinosa boasts nearly 25 years of experience in the property casualty insurance industry, focused mostly in the surety segment.
He most recently served as regional director for a Mexican surety subsidiary of a leading insurer.
Garcia has experience in underwriting in Mexico and Argentina and over 15 years of experience in the property casualty insurance industry, most recently, he served as regional director for property casualty insurance in Mexico for a major insurance company.
The appointments have been made with immediate effect and the insurers are set to commence operations in Mexico in the coming weeks.