AmTrust at Lloyd’s eyes growth in North America with hire
There are lucrative opportunities in the North American property-catastrophe treaty sector, which Lucy Forcey, senior underwriter for AmTrust at Lloyd’s (ATL) Syndicate 1861, plans to take advantage of.
Forcey, who started in her new role just days ago, is launching North American property-catastrophe treaty as a new line of business for the syndicate. She told PCI Today that she already sees opportunities for the company as it looks to build up this line.
Forcey will be based in London with Greg Roberts who will be running the team, details of which will be revealed soon
She expects writing a 2019 book of business worth $18 million. This will be based upon business that AmTrust has written in the US in the past and which can then be potentially added to. The focus of AmTrust’s book will be across the US and not concentrated on any one single state, she said.
Forcey stated that she was unable to share the long-term plan for the business in the US, but that for the medium term the plan is to grow the reinsurance book over the next few years, to balance the insurance side.
“There’s a lot of capacity out there in the US market. However, when you look into it we’re not seeing it as an opportunistic time.
“We’re not driven solely by supply and demand, we’re trying to give our clients more than that—that’s what they need at the moment,” she said.
Forcey stressed that the market is constantly changing as it learns from losses. As such, it is evolving from being commoditised. While a number of high severity events have taken place in recent years, the frequency of those events has not changed that much.
She was previously at Novae Group, where she worked as a class underwriter on the North American catastrophe reinsurance team. ATL is a multinational property/casualty insurer and the Lloyd’s operation of AmTrust Financial Services.
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