Lloyd's carrier Chaucer launches new Bermudian Class 4 reinsurer

Specialist Lloyd's insurance group Chaucer has set up a new Class 4 re/insurer in Bermuda to target the US market as part of its growth strategy, having received regulatory approvals from the Bermuda Monetary Authority and the Central Bank of Ireland.

The new entity 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 operation, which will consider business on a quota share and excess of loss basis. Holliss has 20 years of reinsurance underwriting experience. He began his insurance career with CNA London.

Additionally, underwriter Zak Mallen has joined the team in Bermuda to build a portfolio of US casualty reinsurance business to complement Chaucer’s position in London.

"Bermuda is a key market and we are excited to be here,” said John Fowle, chief executive officer of Chaucer. “This move builds on our existing infrastructure as we aim to provide brokers and clients with smart underwriting solutions.”

Holliss added: “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, added: “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.”