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Bermuda:Re+ILS Spring 2016

36 Spring 2016 Bermuda:Re/insurance+ILS Brit Global Specialty As well as being a leader in the catastrophe layers, Brit is a leading market in working layer casualty reinsurance. “We offer the strength of Lloyd’s and we have the long-term security of being a Fairfax Company but we still have the ability to move quickly as the nimble Bermuda company that caters to clients’ needs,” says the firm. Approximate GPW in this sector is $45 million. Core and target markets for this team are workers’ compensation (working layers and catastrophe layers), and general casualty (clash, umbrella, multi-line). Key executive Joe Bonanno, senior vice president, head of office Everest Re 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 AM Best and S&P. Everest Re Bermuda writes approximately $850 million, $500 million of which is written through the Bermuda platform. Casualty GWP accounts for 35 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.” Everest Re has significant portfolio of pro rata and excess of losstype treaties. Lines of business include, but are not limited to, general liability, healthcare, professional liability, workers’ compensation catastrophe, commercial and personal auto and specialty. The firm will consider opportunities from US and non-US domiciled businesses insurance companies. Says Mukherjee: “We partner with markets that provide us access to classes where the opportunities contribute positively to our current portfolio. What is attractive to our group is medium to long tail casualty lines which add predictable results and risk appropriate tail risk. “Our ideal ceding partners share the same vision that we do: a vision which focuses on efficient use of our capital to solve problems and one that provides for a mutually beneficial long-term return on capital deployed.” The team has “the experience and expertise that enables us to respond in a thoughtful and expeditious manner”. The Bermuda platform provides challenging opportunities enabling creative solutions. “We welcome these challenges and thrive in situations when we become part of the solution and can provide significant capacity.” Key executives Sanjoy Mukherjee, managing director and CEO of Everest Re Bermuda. He also serves as executive vice president, general counsel, corporate secretary and chief compliance officer for Everest Re Group. Bob Fajen, head of the casualty underwriting team; Mario Binetti, casualty treaty underwriter; Lisa Bean, director, casualty treaty underwriter. Hamilton Re Hamilton Re is a Bermuda-based Class 4 property and casualty re/ insurer, with an established, balanced book of business in its fifth year of growth. Shareholders’ equity at December 31, 2015 was over $1.4 billion. Hamilton Re wrote $206 million of gross premiums in 2015, and is forecast to write $250 million in 2016. The firm is rated ‘A-’ (Excellent) with a stable outlook by AM Best and an AM Best Financial Size Category of Class XIII. Hamilton Re’s casualty team has expertise across the full spectrum of casualty classes, including motor liability, public and products liability, excess casualty, professional indemnity, directors’ and officers’ liability, and financial institutions. Its product suite includes proportional, non-proportional reinsurance and retrocession offered for per risk, per event and systemic clash covers. Hamilton Re is able to offer lead capacity on a worldwide basis, with a wide range of experience in North America, London, Bermuda CASUALTY TEAMS “What is attractive to our group is medium to long tail casualty lines which add predictable results and risk appropriate tail risk.” Sanjoy Mukherjee, Everest Re


Bermuda:Re+ILS Spring 2016
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