Specialty reinsurance group Chaucer has announced the launch of a new reinsurance branch in Bermuda to provide its US clients with greater access to its specialty underwriting expertise and capacity. The launch follows the receipt of regulatory approvals from the Bermuda Monetary Authority and the Central Bank of Ireland.
Chaucer will operate as a Class 4 reinsurer in Bermuda and will write a range of US property, casualty, and specialty reinsurance business for Chaucer Insurance Company, which launched in Dublin in 2017.
James Holliss, Chaucer’s head of US property treaty, has transferred to Bermuda to lead the branch, which will consider business on a quota share and excess of loss basis. Holliss has 20 years of reinsurance underwriting experience with Chaucer, and began his career at CNA London. Underwriter Zak Mallen has also joined the Bermuda branch to build a portfolio of US casualty reinsurance business.
“Bermuda is a key market and we are excited to be here,” said John Fowle, CEO of Chaucer. “This move builds on our existing infrastructure as we aim to provide brokers and clients with smart underwriting solutions.”
“I’m delighted to lead Chaucer’s new branch in Bermuda,” Holliss said. “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.”
“Opening our Bermuda branch is a strong statement of our intent to expand Chaucer Insurance Company’s international presence and to grow our business,” said Michelle Moore, general manager of Chaucer Insurance Company. “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.”