British-based specialty insurer Beazley plans to relocate an executive to Bermuda as its builds out its team on the island and prepares to move into the new office building at 91 Front Street.

The company announced that Stefan Wunderlich has been appointed head of alternative risk transfer, alongside his existing role as head of parametric, and will move to Bermuda, subject to immigration approval.

Beazley also confirmed that its new office location on the island would be at Ninety-One, the office building formerly known as Brookfield House, a new building which will open in June 2027.

The insurer said this builds on its “continued investment in the island as its strategic hub for complex and specialty solutions — including ART, mortgage indemnity insurance and property treaty reinsurance.

Paul Bantick, Beazley’s group chief underwriting officer, said: “We are moving at pace to build out our presence in Bermuda. We have a growing team on the ground, are already successfully underwriting property treaty and the deployment of Stefan’s expertise will see a step change in our ART offering, which includes parametrics.

“It’s exciting to be part of Bermuda’s innovative insurance community and have the opportunity to better support our brokers and clients manage complex risks.”

Beazley’s office lease was secured through Brookfield Asset Management.

Charlie Howe, head of commercial development, for Brookfield Asset Management, said: “Beazley’s commitment to Ninety-One represents an important milestone for the project. It reflects the strong market confidence in the quality, location, and vision behind this development, and reinforces our belief that Ninety-One will set a new benchmark for commercial space in Bermuda.

“We are delighted to welcome Beazley and look forward to more tenant announcements as the project progresses towards completion.”

Brookfield will be occupying the first three floors of the property.

Penny MacIntyre, partner at Rego Sotheby’s International Realty, the firm representing Brookfield, said: “With the least amount of Class A office space available in our market for nearly two years now, Beazley marks the first in a series of international ‘new-to-Bermuda’ companies recognising the critical timing to secure the Class A+, harbour view office floors at Ninety-One.”