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Wellington forms US marine reinsurance arm

Wellington Underwriting Inc, the US platform of Lloyd’s insurer Wellington Underwriting plc, announced today (29 August) that it is expanding with the launch of a marine reinsurance arm.

The new company will be called WU Inc Marine Reinsurance and will underwrite treaty reinsurance introduced through intermediaries on behalf of Wellington’s Lloyd’s Syndicate 2020. Based in New Jersey it is expected to begin operations next month and the reinsurer estimates it will write $30mn in gross written premiums next year.

WU Inc Marine Reinsurance will be led by former Quanta senior vice president Joseph Belardinelli, who has 17 years experience in the marine (re)insurance industry with companies including Swiss Reinsurance America Corporation, Willcox Incorporated and Johnson & Higgins.

Stan Kott, CEO of Wellington Underwriting Inc, commented: “We are very excited about the launch of the marine reinsurance team. While leveraging our existing expertise and client relationships within the Group, it will provide Wellington with a broader US product offering, increased capacity and a team possessing significant expertise. Joseph Belardinelli has an excellent reputation and is well known and respected by clients and brokers alike.

“The US marine reinsurance market represents a great opportunity for Wellington and is a natural extension of our existing product offering in the US. We will benefit both from the future strong market outlook across all classes of business and the considerable demand from insurers seeking protection products from reinsurers with strong financial strength ratings.”

Wellington established its US platform in 1999 to write property and casualty business to US clients and brokers on behalf of Syndicate 2020. The business now has nine offices in the US and is expected to write gross written premium of $230mn this year.

Belardinelli said: “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.”

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