Wellington launches marine reinsurance unit in the US |
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Tue, 29 Aug 2006 13:15
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LONDON - Insurer Wellington Underwriting PLC, which is based in Lloyds, has announced that it is starting a new company WU Inc Marine Reinsurance in the US. The company said that the move was a further addition to its "distribution capabilities and underwriting expertise" in the US.
WU Inc. Marine Reinsurance will be based in New Jersey and the firm will commence activities from September 2006. Wellington is predicting that gross premiums for the new firm will hit $30 million by the end of 2007. The new company will have Joseph Belardinelli at the helm. He was recently the Senior Vice President of Quanta Capital Holdings and has enormous experience in marine insurance and reinsurance, according to a Wellington release.
In the US, Wellington is already into the property and casualty reinsurance market. Explaining the move to introduce new business in the US market, WU CEO Stan Kott said, "While leveraging our existing expertise and client relationships within the group, it will provide Wellington with a broader US product offering and increased capacity. The US marine reinsurance market represents a great opportunity for Wellington and is a natural extension of our existing product offering in the US."
On Belardinelli, Kott said he had an excellent reputation that would benefit the company. "We are confident that Joseph's wealth of experience, coupled with the Wellington brand, will provide a very attractive opportunity for further growth."
Belardinelli himself was quite pleased to join Wellington, "I am very pleased to be joining Wellington and the marine reinsurance team at WU Inc. Wellington has a first-rate track record and I look forward to contributing to its future profitable growth," he said in the press release.
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