Helix snares Hadler and Mortimer, unveils Bermudian excess casualty business
Helix Underwriting Partners has expanded its agency platform to include excess casualty insurance in Bermuda, and made a number of appointments to build out its offering.
Tim Hadler joins as chief underwriting officer to lead the new programme, while Nigel Mortimer becomes a director and strategic advisor at Helix. Richard Weare, Jack Keyes and Kameka Simmons are all also set to join the team.
Hadler and Mortimer have a combined total of more than 50 years of experience in the casualty re/insurance market. Both were previously at Argo Group, where Mortimer was president of the Bermuda insurance operation he founded with Hadler in 2009. Mortimer currently is executive chairman of Kettle Re and will retain that position.
Helix has agreed a long-term agency agreement with Watford Re for excess casualty to ensure the long-term stability in capacity, while there is a maximum individual risk line of $25 million. The Bermuda Monetary Authority has approved the plan.
The move complements Helix's expansion into the middle market property insurance programme in January 2020.
Claude Lefebvre, president of Helix, said the excess casualty offering will allow Helix to build its portfolio and broaden its product base. “The excess casualty market has seen a marked decrease in capacity in the last 24 months,” he said. “Long-term clients who have partnered with the Bermuda market need innovative and thoughtful underwriting to ensure Bermuda can continue to be a safe harbour for their risk.”
Hadler pointed to the excess casualty crisis of the mid-1980s, a pivotal period in the history of Bermuda’s re/insurance market. “Many carriers are cutting back on their casualty portfolios, with over $400 million of capacity that has recently pulled out of the market,” he said. “This is an opportunity for Bermuda as a market and Bermudian talent to shine.”
Founded by industry veterans Lefebvre, Nicholas Lucking and Neville Weston in December 2018, Helix is Bermuda’s first multi-line independent managing general agent.
