Brit expands network with Bermuda office

Brit Group has said it is looking to expand its distribution network by opening a branch office in Bermuda. The office will focus on underwriting excess workers’ compensation reinsurance as well as US property-catastrophe reinsurance, retrocession and ILW’s covers.

To run the new venture, Brit has appointed Joe Bonanno, a specialist in excess workers’ compensation reinsurance and previously a senior vice president of Markel Bermuda. He will be head of the new Bermuda office, which is subject to final regulatory approval from the Bermuda Monetary Authority (BMA) and Lloyd’s.

Joining Bonanno in Bermuda will be Julia Henderson, previously a vice president at PartnerRe, who will be building the business in the areas of US property-catastrophe reinsurance, retrocession and ILW’s covers.

Matthew Wilson, CEO of Brit Global Specialty, said: “Opening a branch office in Bermuda will enhance the distribution capability of the group by affording Brit broader access to both casualty and property treaty business. These are areas in which the group already has significant expertise and where profitability has been strong. This is another key step in developing Brit’s global offering.”