Bermuda-based Quanta Capital Holdings last night announced it had received the go-ahead from UK regulators to set up a London insurance branch.

A Press statement said subsidiary Quanta Europe Ltd. had received approval for the branch office from the Financial Services Authority (FSA).

Chairman and CEO Tobey Russ said: "The establishment by Quanta Europe of its London branch further expands our capabilities in both the London and wider European markets and contributes to the execution of Quanta's European specialty lines strategy."

The company said the new office would enable Quanta Europe to access the London market through both wholesale and retail producers.

The branch office will underwrite specialty insurance products with the initial focus being on Environmental liability, Professional liability, Financial Institutions and Trade & Political risks.

Quanta Europe' already has an operation in Dublin. Although that office is currently staffed by a team of four underwriters, Quanta Europe said it intended to add additional underwriters in both the European headquarters in Dublin and in its newly established London Branch.