A British underwriting concern said today it will offer marine reinsurance in the United States.
Wellington Underwriting plc said that its WU Inc. Marine Reinsurance will operate from an office in New Jersey and will underwrite treaty reinsurance through intermediaries on behalf of Wellington Syndicate 2020 at Lloyd's.
The carrier expects to start underwriting this fall and gross premiums are estimated to reach $30 million by next year.
WU Inc., established in 1999, underwrites property and casualty reinsurance to U.S. clients and brokers on behalf of Syndicate 2020 at Lloyd's, and the company said it expects to write about $230 million in premium this year.
Former Quanta Capital Holdings senior vice president Joseph Belardinelli will head up the marine reinsurance operation.
WU Inc. chief executive officer Stan Knott said the U.S. marine reinsurance market represents a great opportunity for Wellington "and is a natural extension of our existing product offering in the U.S."
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