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Bermuda:Re+ILS Spring 2016

32 Spring 2016 Bermuda:Re/insurance+ILS Brit Global Specialty Core and target markets for the Brit team are property-catastrophe treaty, focused on US cat, worldwide retro and industry loss warranty portfolios. Approximate GWP in this sector is $20 million. While Brit is one of the largest Lloyd’s syndicates, it is mid-sized in the context of Bermuda’s large and merged reinsurers. “Because of this our aim is to differentiate by providing exceptional service from underwriting to paying claims. We remain focused on understanding our clients’ evolving risk transfer needs and offer specialised solutions. In working with us our clients enjoy the strength of Lloyd’s paper, and the knowledge that Brit, as part of Fairfax, belongs to a leading global financial services group,” says the firm. Key executives Julia Henderson, senior vice president, property treaty; Katie DeCouto, underwriter, property treaty. Endurance Re Bermuda Endurance has been an industry leader in the property-catastrophe business since 2002 and from Bermuda underwrites US based single state, regional and nationwide accounts along with the Canadian and Latin American portfolios. The Bermuda-based Americas property-catastrophe team establishes significant, transparent relationships with key clients by providing lead pricing, terms and conditions supported with significant capacity up to $150 million of limit per occurrence. “The team provides innovative programme structures and private placements supported by industry-leading analytics and portfolio management,” says the firm. Key executives David Bigley, EVP, CUO & head of global catastrophe reinsurance; Jose Barroso, SVP, head of Americas property catastrophe reinsurance. Everest Reinsurance (Bermuda) Everest Reinsurance (Bermuda) is a wholly owned subsidiary of Everest Re Group. As of December 31, 2015, the group had consolidated GWP of $5.9 billion and shareholders’ equity of $7.6 billion. It is rated ‘A+’ by A.M Best and S&P. Everest Re Bermuda writes approximately $850 million, $500 million of which is written through the Bermuda platform. Property and specialty accounts for 65 percent of Bermuda income. The financial strength, expertise and multi-distribution channels of the group provide the resources and support that enables the Bermuda platform to be innovative and creative in providing custom solutions to its clients. As a market leader with specialised expertise in multiple classes of business, “the Bermuda operation can provide cross-class/ cross-territory coverages that are important to our multinational and Lloyd’s clients”, says Sanjoy Mukherjee, CEO of Everest Re Bermuda. Everest Re endeavours to build long-term relationships with clients by providing solution-based services, “not simply selling a product”. “In this way, we truly become their business partner. While we are part of a large multinational corporation with wide geographic diversity across multiple segments, our flat management structure allows us the flexibility to quickly adapt to changing market conditions and deploy our capital efficiently in maximizing our return on equity.” Within the property and specialty arena a number of different products are written: • Property cat/risk - Multi-territory and multinational, localised risks are written out of regional offices. - Consistent global underwriting across platforms using Everest’s own proprietary pricing system. • Property classes QS: - General property - Energy - Construction • This tends to be for multi-territory clients looking for global solutions. • Able to use not just local but global experience to partner with clients and provide the most favourable solutions. • Property retro - Worldwide retro offering ultimate net loss or aggregate products including reinstatable limit; both prepaid and prorated, at all levels of any programme. • Capital/gearing products - Lloyd’s or company products on either an XS or QS basis. - These are often using a multi-class/multi-year strategy. - Using our strong capital base to create the most effective and economic result for our client. • Mortgage lenders mortgage insurance - Single territory programmes offered on either an XS or QS basis. - Ability to provide multi-year coverage. • Niche/specialty - One-off programmes in niche classes including reinsurance of MGAs of various classes of specialty business. The Bermuda team has access to the group’s diverse array of actuarial and modelling resources and historical experience spanning many lines of business which gives it the ability to analyse almost any risk. PROPERTY TEAMS


Bermuda:Re+ILS Spring 2016
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