Chaucer wins approvals for new Bermuda reinsurer
Lloyd’s of London insurer Chaucer plc has gained the necessary regulatory approvals to launch its new Bermudian reinsurance company.
The Bermuda Monetary Authority and the Central Bank of Ireland have given the green light for the company to resume operations.
In a statement, Chaucer said it had “bold ambitions” to grow its Bermudian operation, and to add staff and business lines.
The company intends to underwrite a range of US property, casualty and specialty reinsurance business for the firm’s Chaucer Insurance Company subsidiary in Dublin from its new Bermuda branch.
James Holliss, Chaucer’s head of US property treaty, has transferred to Bermuda to lead the new reinsurance underwriting branch.
Chaucer has also added underwriter Zak Mallen to the team in Bermuda, who will be tasked with building a portfolio of US casualty reinsurance business to complement Chaucer’s market position in London.
John Fowle, Chaucer’s chief executive officer, said: “Bermuda is a key market and we are excited to be here.
“This move builds on our existing infrastructure as we aim to provide brokers and clients with smart underwriting solutions.”
James Holliss, Chaucer’s head of Bermuda, said: “I’m delighted to lead Chaucer’s new branch in Bermuda. I believe that our expertise and service commitment, combined with our financial strength and growth ambitions, means that we will be able to offer a compelling and relevant proposition to this strategically important market.”
Michelle Moore, general manager of Chaucer Insurance Company, said: “Opening our Bermuda branch is a strong statement of our intent to expand Chaucer Insurance Company’s international presence and to grow our business.
“In James and Zak, we have a very highly regarded team with strong relationships in Bermuda and the US. We have bold ambitions to grow our Bermudian operation, and anticipate adding both personnel and product lines in the near future.”
Chaucer’s new reinsurer is one of several start-ups in the pipeline, as capital pours into the market to take advantage of rising rates for reinsurance after several years of above-normal catastrophe claims and uncertainty over Covid-19 exposures.
Others set to enter the market are Vantage, led by former Arch chairman Dinos Iordanou and former Axa XL CEO Greg Hendrick, and Conduit Holdings, which plans an initial public offering of shares on the London Stock Exchange with the aim of raising about $1.1 billion.