One of the nine new insurance companies to set up in Bermuda in the wake of the September 11 disaster, Goshawk Re, has officially opened for business.

The company, which is a subsidiary of British insurance company Goshawk Insurance Holdings Plc, has opened its offices at Par-la-Ville Place.

The new company was given a A minus (Excellent) rating by A.M.Best soon after it was set up and has been licensed as a Class 4 insurance company.

It will be underwriting the following classes: marine XL, non marine property catastrophe, marine retrocession, Aviation XL and finite reinsurance and is being headed up by Chris Fagan who has been given the post of chief executive officer.

The company also announced that it had hired Jim Kemp, 54, as a senior reinsurance underwriter and director of Goshawk Re.

The company said he will be responsible for running the Bermuda office and will join the board of Goshawk Re.

Mr. Kempe joins Goshawk from Tate and Lyle Reinsurance where he spent 14 years as the Managing Director and Underwriter responsible for the success of the reinsurance portfolio.

Mr. Kempe began his underwriting career in 1977 as the Vice President of Technical Services for an international insurance company. He then moved to a Bermudan reinsurance underwriting company in 1984 as Vice President of Underwriting.

Mr. Kempe will be joined by Nik Barv?, an excess of loss specialist who has been with Goshawk since 1992. Mr. Barv, 36, who also has extensive experience in outwards reinsurance management, will be based in Bermuda to help set up the business.

David Hooker, chairman of Goshawk, said: "We are very pleased to announce the opening of our new venture in Bermuda.

"We believe we are entering the market at a beneficial time and look forward to the opportunities it will provide for Goshawk.

"Both Jim and Nik have a great deal of reinsurance experience between them and are the basis of a strong team for Goshawk Re."