Brit Group Specialty, an Amsterdam-based global specialty insurance and reinsurance firm, is all set to expand its distribution network in Bermuda with the opening of new branch office.
The new office, which is subject to regulatory approval from BMA and Llyod's, will work on underwriting excess workers compensation reinsurance and the US property catastrophe reinsurance, retrocession and ILW's covers.
The company has hired Joe Bonanno to head the new Bermuda office. Bonanno previously worked as senior vice president for Markel Bermuda.
Bonanno will be supported by Julia Henderson, who will work in the areas of US property catastrophe reinsurance, retrocession and ILW's covers.
Brit Global Specialty CEO Matthew Wilson 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. This is another key step in developing Brit's global offering," 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."
