Brit Re plans Bermuda expansion
Re/insurer Brit plans to expand its presence in Bermuda and will write a broader range of business, the re/insurer said today.
The Fairfax Group-owned company said it had appointed former PartnerRe chief executive officer Jacques Bonneau to the board of Brit Re, which reflected its intent to epand its presence on the island.
Bonneau retired as from PartnerRe in March 2024 after serving 14 years with the company. He previously held a number of senior executive roles at Chubb and was a senior advisor to the Bermuda Monetary Authority (BMA).
"Based in Bermuda, Jacques will bring considerable experience, insight and relationships which will be of deep value to Brit as it embarks on a strategic plan to significantly expand its presence in Bermuda across property, casualty and specialty reinsurance," the company said.
Brit Re, whose chairman is former Catlin Bermuda chief executive officer Graham Pewter, currently writes casualty treaty and property treaty reinsurance. Brit also owns Brit Global Specialty Bermuda, which focuses on US property catastrophe reinsurance, retrocession and ILWs covers, according to the Brit website.
Martin Thompson, CEO Brit Group, said: “We are delighted to appoint Jacques to the Board of Brit Re and believe welcoming an individual of his standing in the industry reflects our intent for Brit in Bermuda. We look forward to benefiting from his expertise and network.”
Jon Sullivan, Group Chief Underwriting Officer, commented: “Building out Brit Re to write a broader range of business is a natural next step for us. Bermuda is a dynamic and thriving multi-class (re)insurance market and we are excited about the opportunity to attract new local specialist talent to work alongside Brit’s existing reinsurance underwriting capabilities in London.”
Graham Pewter, Chairman of Brit Re, said: “We welcome Jacques to the Brit Re board. His appointment will support our Bermudian growth ambitions as well as deepening the board’s experience and strengthening our governance.”
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