Bermuda-based Ariel Re has launched a new unit in the US, which will underwrite excess and surplus (E&S) property.
Business will be written by Ariel Specialty Insurance Managers through wholesale brokers on a limited appointment basis and on behalf of Ariel’s Lloyd’s Syndicate 1910.
Colin Mayo will serve as executive vice president and chief underwriting officer of the new business. He previously served as chief property officer of Rockhill Insurance.
Ariel Specialty will offer up to $20 million of limit for all risk, named storm and wind/hail property coverage on business with total insured values (TIV) in the range of $5 million to $250 million and with a focus on property in coastal areas of Florida and the broader South East Atlantic and Gulf coasts of the USA.
Mayo said: “The combination of Ariel Re’s superior track record in the property catastrophe market, impressive financial backing and the security and flexibility provided by Lloyd’s of London offers an excellent platform for the development of Ariel Specialty.”
Chris Fisher, chief underwriter of insurance at Ariel Re Bda, added: “Colin and his new team are an excellent fit for Ariel as the group looks to grow its presence in the profitable US E&S marketplace. Colin’s well established reputation for putting bottom line underwriting profit before top line volume is a perfect match with Ariel’s approach to catastrophe exposed insurance business.”
Tom Hulst, chief executive officer of Ariel Re Bda, said: “We are committed to the ongoing development of the Ariel franchise and adding a team of this calibre with best in class underwriting discipline is an important step in that process. Ariel Specialty will further equip the Ariel group and its Lloyd’s Syndicate 1910 to successfully navigate the market and capitalize on growth opportunities as they present themselves.”
Ariel Re, North America, E&S, Bermuda, Reinsurance, Colin Mayo, Chris Fisher, Tom Hulst