XL has expanded its facultative reinsurance footprint in the US, with the opening of a Dallas office.
The new office will be headed up by Dean Wolfe who was recently promoted to the position of Western regional manager of XL’s newly created property facultative Western region and a Philadelphia, Pennsylvania office led by senior underwriter, Margaret LoSapio.
Wolfe, who has more than 15 years of industry experience including seven years in XL’s Atlanta office, will be responsible for XL’s reinsurance underwriting operations in Dallas, Texas and Walnut Creek, California. He will report to Kip Walker, XL managing director and manager of property facultative reinsurance operations based in Atlanta.
Walker spoke with Bermuda:Re about the company’s latest expansion into the US market:
What were the motives behind the creation of your newly created Property Facultative Western Region office?
XL’s facultative reinsurance distribution model is one centred around a meaningful relationship with the client. While Texas and the southwestern US have previously been serviced by the existing branch network, the move to Dallas, Texas provides us with the opportunity to get even closer to the client. The expansion into the Philadelphia marketplace was driven by the same fundamental belief in the value of a local presence and further demonstrates our commitment to the client.
Where do you see the major opportunities in the US market? How attractive a prospect are the Texas and Western states?
XL’s reinsurance facultative department continues to look for opportunities in the marketplace. The clients and their needs will drive future strategic positioning decisions. We view the role of the reinsurer as that of an enabler. XL’s reinsurance facultative product is one tailored to the client’s needs. It is designed to enhance the client’s existing product and capability which in turn will allow the client to secure more business and succeed in their respective space, whether by product line or geography.
Will the office be predominantly be writing cat business and how do you see it developing its offering going forward? Can such offices represent the start of a wider footprint including other lines? Is that the expectation?
XL’s reinsurance facultative risk profile is wide and varied with a product line and capacity to support this range. Ultimately, the offerings are driven by the client’s needs. As such, the department has the ability to offer large fire capacity as well as catastrophe coverage, both modelled and unmodelled. We aim to align our capabilities to the needs of the client and to be able to respond quickly to those needs.
XL, US, reinsurance, Dallas, office