Some of the newest Bermuda companies have entered the U.S. excess and surplus lines market in the past two years with fresh capital and “A-minus” A.M. Best ratings.
Among them is Montpelier Re, a Class of 2001 Bermuda reinsurer, where executives of one-year-old specialty insurance operations say personal relationships within the company–and with customers–built over decades-long careers in the segment will drive the success of the new U.S. specialty insurance platform.
“Every underwriter we have hired, we have known, worked with or done business with in the past,” said Bud Lockwood, president of Montpelier Underwriting Inc., one component of the Montpelier U.S. platform, which is a wholly-owned managing general agency authorized to issue insurance contracts on behalf of Montpelier Syndicate 5151 at Lloyd's.
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