Wellington Underwriting has launched its marine reinsurance business.
WU Marine Reinsurance, based in New Jersey, will underwrite treaty reinsurance introduced through intermediaries on behalf of Wellington Syndicate 2020.
Underwriting is expected to commence in September 2006 and gross premiums written are estimated to reach $30m in 2007.
The reinsurer will be led by Joseph Belardinelli, previously senior vice president of Quanta Capital Holdings.
Stan Kott, CEO of WU, said: “While leveraging our existing expertise and client relationships within the Group, it will provide Wellington with a broader US product offering, increased capacity and a team possessing significant expertise.
“The US marine reinsurance market represents a great opportunity for Wellington and is a natural extension of our existing product offering in the US. We will benefit both from the future strong market outlook across all classes of business and the considerable demand from insurers seeking protection products from reinsurers with strong financial strength ratings."
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