Berkley Re UK Limited*, the London-based subsidiary of W. R. Berkley Co., announced it launched a global facultative property unit to provide targeted and tailor-made coverage to global clients, which will “enable them to better manage their risks, whether in growth areas or emerging markets.”
Alex Galea has been named head of Property Facultative. Galea has nearly 30 years of facultative reinsurance industry experience, most recently serving as senior vice president and manager for international property facultative at XL Group.
In addition, Henry Williams has been appointed senior underwriter Property Facultative of the new unit and has nearly 10 years of insurance and reinsurance experience. He joins Berkley Re from XL Group where he worked on the property facultative team.
The new global facultative property unit, based in London, will provide fast, reliable service to insurers and brokers worldwide, with an experienced team dedicated to understanding clients’ exposures and offering solutions to fit their specific needs in a structured way, said Berkley Re in a statement. The unit will also offer feedback on risk management procedures, business continuity plans and probable maximum losses.
In making the announcement, Richard Fothergill, chief executive officer, said: “Our addition of a global facultative property unit will provide positive synergies to our treaty portfolios. Both Alex and Henry have a deep understanding of the exposures being written, giving us the ability to provide coverage for big spikes associated with a single peril or geography. Our client-focused and risk-specific approach will enable us to deliver capacity and expertise on a bespoke basis and provide insurers with a valuable addition to their risk management toolkits.”
*Berkley Re UK is a provider of property and casualty reinsurance, writing an international account from a European base, targeting business predominantly from Europe, Africa, the Middle East and the Caribbean.
Source: Berkley Re UK
Topics New Markets Property
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