Steven Wevodau - Property & Casualty Insurance

Brit Insurance establishes underwriting unit in Chicago

posted by Steven Wevodau

LONDON—Brit Insurance Holdings P.L.C., a London-based property and casualty insurer and reinsurer, said Monday it has established a new managing general agent, Brit Insurance Services (U.S.A.) Inc., based in Chicago.

The new underwriting unit is a wholly-owned MGA of Brit Insurance, which can delegate authority to underwrite excess and surplus lines business on behalf of Lloyd’s syndicate 2987, pending Lloyd’s and U.S. regulatory approval.

Brit Insurance said the operation was conceived in cooperation with London market brokerage firm Arthur J. Gallagher (U.K.) Ltd. The unit will specialize in the broking and underwriting of public entity business, Brit Insurance said.

Matthew Wilson, chief executive officer of Brit’s global markets unit, said the latest move follows the company’s establishment of a North American claims and data management hub in Atlanta last year. “It further demonstrates our desire to work with our London brokers to lower the market’s cost base without the need to disintermediate, and that indeed is a unique combination,” he said.

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