A new insurance broker firm has set up in Bermuda. Swift Intermediaries plans to cover a broad range of insurance activities from its new offices in Hamilton.

The company has been set up by and will be operated by Jo Lord and Richard Hornett. Both men are new to the Island's business community, but have 12 years insurance experience in London behind them in brokerage and underwriting.

They intend to provide an international client base with "cost effective and efficient service''.

Mr. Lord said they chose Bermuda as the place to base their operation because"there is still plenty of scope for a broker here. It is a thriving market, as opposed to the London market, and a much better market to be in.'' They describe the company as "a privately held reinsurance and insurance intermediary that negotiates in the multi-line insurance and reinsurance arena. It concentrates on developing relationships with wholesale and retail agents and insurance and reinsurance carriers in Bermuda, USA and Europe, with a view to developing and servicing its clients' business in the property and casualty arena.'' Swift is currently working on building up client relationships, but Mr. Lord and Mr. Hornett already have longstanding relationships with US primary carriers in the property casualty marketplace. They also have longstanding relationships with Bermuda, US and European reinsurers who can provide coverage for primary carriers.

In this field the company offers to set up primary coverage, facultative reinsurance, treaty reinsurance and to do programme reinsurance structuring.

The company also offers services in the captive field, which they have worked in before. They will advise on structuring reinsurance programmes for captives and rent-a-captives and also make introductions to captive managers in the market place.