Bermuda insurer targets UK professional risks
Bermuda-based insurer Quanta has applied for an FSA licence to begin writing professional risks business in the UK.
It is understood that the insurer is expecting a decision from the FSA regarding its application later this year.
When contacted by Insurance Times, a Quanta spokesman declined to comment.
Quanta currently specialises in US directors' and officers' (D&O) and errors and omissions (E&O) insurance, employment practices liability and fiduciary liability insurance.
The insurer also writes marine, aviation and environmental liability risks in the US.
Last month, Quanta Capital Holdings Ltd began trading on the NASDAQ.
Quanta chief executive officer Tobey Russ said: "Listing on the NASDAQ represents an exciting milestone in our growth as a company.
"We look forward to the enhanced visibility within the financial community that a
NASDAQ listing provides, and believe it will enable us to expand our shareholder base over the long term."
Quanta Capital Holdings completed its private offering in September 2003, raising equity capital of $550m at an offer price of $10 per share. Following the offering, AM Best assigned the company an A- (excellent) rating.
Quanta writes reinsurance business in the US. The company's products include: casualty and professional treaty reinsurance, property risk excess and quota share reinsurance, and marine and aviation reinsurance.
Earlier this year, Quanta Capital Holdings reported a net loss for the 2003 fourth quarter of $15.1m.