Brit sells US marine cargo book, transfers underwriters to Falvey
Specialty re/insurer Brit Global Specialty USA (BGSU) is to transfer the renewal rights of its cargo business to Falvey Cargo Underwriting.
Falvey is a cargo covernote holder at Lloyd's of London, offering the MGA capacity in the marine cargo market.
Brit believes that Falvey is a "better strategic fit" for its cargo business.
As part of the deal, Will Frohne and Yasu Saegusa will move from Brit to Falvey Cargo as underwriters.
Frohne has almost 22 years of experience in marine re/insurance, with a background in cargo. He has held various senior positions on both the underwriting and broking side with RSA, Marsh, Willis Re, Allianz, and most recently with Brit where he was SVP – marine charged with building out Brit's presence in the US Cargo market. He is an active member of the American Institute of Marine Underwriters.
Saegusa has over 16 years of experience in cargo underwriting, holding multiple senior underwriting and management positions with AIG's Tokyo, New York, and Los Angeles offices, and most recently with Brit as VP marine, focusing on developing Brit's cargo book on the West Coast and supporting growth of the national cargo portfolio.
Mike Falvey, president and CEO of Falvey, said: "Falvey is committed to making the transition seamless for brokers formerly working with Brit, and providing them with the World-Class service we are known for. More importantly, we are very excited to welcome Will and Yasu to the team as they are a great fit for our organization. They provide outstanding service to brokers and are some of the best marine cargo underwriters in the market today."
Frohne commented: "I'm very excited for Yasu and I to join the Falvey Cargo team, and to help transition our book of business over from Brit. Being part of the Falvey team puts us in an even better position to service our clients and brokers by capitalizing on the technology, resources and capacity provided by the Falvey Insurance Group."
Saegusa added: "I could not be more thrilled and excited to be joining the team at Falvey Cargo. Very grateful for this opportunity and I look forward to continue providing the best service I can to our Brokers and Insureds."
