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Brit Group to open branch office in Bermuda, hires executives

Brit Group, a global specialty re/insurer, has announced that it is looking to expand its distribution network by opening a branch office in Bermuda.

The move is subject to final regulatory approval from the Bermuda Monetary Authority and Lloyd's, said Brit, which has a large presence at the Lloyd's of London market.

The office will focus on underwriting excess workers compensation reinsurance as well as US property catastrophe reinsurance, retrocession and ILW's covers. Brit said they appointed Joe Bonanno as head of the new Bermuda office.

He specialises in excess workers compensation reinsurance and was previously a senior vice President with Markel Bermuda (formally known as Alterra Bermuda).

Joining him in Bermuda will be Julia Henderson, previously a vice president at PartnerRe, who will be building the business in the areas of US property catastrophe reinsurance, retrocession and ILW's covers.

Matthew Wilson, CEO of Brit Global Specialty, said: “Opening a branch office in Bermuda will enhance the distribution capability of the Group by affording Brit broader access to both casualty and property treaty business. These are areas in which the Group already has significant expertise and where profitability has been strong.”

Mr Wilson added: “We are excited to add Joe and Julia's significant experience to the Brit team and hope this expansion in our distribution capability will enable us to get closer to both our clients and brokers, offering them products that we do not currently provide in London.”

Bermuda move: Brit Group, the global specialty re/insurer with a large presence at Lloyd's, says an office here will give it broader access to casualty and property treaty business.

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Published September 09, 2013 at 9:00 am (Updated September 08, 2013 at 7:41 pm)

Brit Group to open branch office in Bermuda, hires executives

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