New reinsurer Varney Re launches in Bermuda with Austin at helm

Yet another new reinsurer has been launched in Bermuda – this time by a family-run insurance agency in Maine.

Varney Re joins the likes of Ark Insurance, Conduit Re, Mosaic and Vantage, which have all launched in Bermuda in recent months to take advantage of hardening market conditions in the reinsurance sector.

The new reinsurer has been launched by Varney Insurance Agency, a family run business that serves clients and retail brokers all across North America. It offers access to insurance for individuals and businesses and wholesale insurance for insurance agents.

The company has not revealed how much capital it is committing to the new venture. It has described Varney Re as a specialist alternative risk transfer reinsurance company. It says it will deliver enhanced value for its North American client base via a range of innovative insurance products.

Tod Austin has been appointed chief operating officer and will be responsible for driving the business forward.

Austin has extensive experience of growing insurance businesses ranged across both agency and underwriting organisations. Latterly he was president, Atlantic Region, for MEMIC Group, a workers’ compensation specialist, where he was credited with significantly growing GWP.

Previously, he was executive vice president & regional president at broker USI, having been a senior leader at TDI before its purchase by USI. He built his early career at Hackett Valine and Macdonald, rising to hold the role of president.

Tim Varney, president & CEO, Varney Insurance Agency and Varney Re, said: “This is an exciting moment for the entire Varney organisation as we launch Varney Re and welcome Tod into this senior role. Our business is growing at a fast pace and we are innovating to deliver ever more effective insurance and reinsurance solutions for our clients. I know that Tod’s business building experience will inspire our team to keep up the pace on our forward momentum and I am looking forward to working closely together to achieve our goals.”

Austin added: “I am proud to be joining the leadership at Varney. I’ve watched the progress of the business and am excited by its dynamism and client centric approach to risk management and insurance. Varney Re will focus on innovation and creative solutions to the challenges that our clients face and I can’t wait to get started.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.