Tod Austin, Tim Varney, Varney Re
A family-run insurance agency in Maine has become the latest group to launch a new Bermuda-based reinsurance company, the latest member of the growing class of 2020-21.
Varney Insurance Agency, a family run business that serves clients and retail brokers all across North America, controls the new business, which offers access to insurance for individuals and businesses and wholesale insurance for insurance agents.
Tod Austin has been appointed chief operating officer and will be responsible for driving the business forward. Austin was previously president, Atlantic region, for MEMIC Group, a workers’ compensation specialist, where he was credited with significantly growing GWP. He was also formerly executive vice president and regional president at broker USI, having been a senior leader at TDI before its purchase by USI. He built his early career at Hackett Valine and Macdonald, rising to hold the role of president.
The company has not revealed how much capital it is committing to the new venture, but described Varney Re as a specialist alternative risk transfer reinsurance company. It says it will deliver enhanced value for its North American client base via a range of innovative insurance products.
Tim Varney, president and chief executive officer at Varney Insurance Agency and Varney Re, said: “Our business is growing at a fast pace and we are innovating to deliver ever more effective insurance and reinsurance solutions for our clients.”
Austin added: “I’ve watched the progress of the business and am excited by its dynamism and client centric approach to risk management and insurance. Varney Re will focus on innovation and creative solutions to the challenges that our clients face and I can’t wait to get started.”
Varney Re joins the likes of Ark Insurance, Conduit Re, Mosaic and Vantage, which have all launched in Bermuda in recent months to take advantage of hardening market conditions in the reinsurance sector.
Tod Austin, Tim Varney, Varney Re, Varney Insurance Agency