Price Forbes & Partners (Bermuda) Limited
Price Forbes & Partners believes that there is desire to return to the 'traditional' principles of a truly bespoke broking service: recognising that each client is unique, every risk is different and treating every programme as a one-off.
Historically the Bermuda insurance and reinsurance marketplace has been considered a high excess market for only the very largest clients, however it has changed dramatically since its genesis in 1985/6 as the birth place of ACE Ltd. and XL Capital Ltd. Bermuda now enjoys a unique combination of underwriting experts drawn from the US, London and Europe, as well as the developing and talented local Bermudians. Property catastrophe reinsurance remains by far the largest sector, however Casualty now boasts just over $1bn of maximum potential capacity per account. Financial lines and other balance sheet protection products, such as Multi-Peril Crop cover and Product Recall, have also been embraced and enhanced by the local markets. Working closely with our London-based sister company, Price Forbes & Partners Ltd., Price Forbes & Partners (Bermuda) Limited (Price Forbes Bermuda) is well positioned to maximise opportunities that the evolving Bermudian marketplace presents. While many underwriters remain keen to write an account that requires high limits, there is now an equal enthusiasm based on rich knowledge and previous experience, particularly in the US, to consider lower attachments. With Bermudian markets typically co-insuring alongside London or US market, the Bermuda team has had success in persuading some Bermuda insurers to consider primary layers. Price Forbes Bermuda has also helped develop rent-a-captive reinsurance solutions, which have proved particularly helpful for Lloyd’s syndicates in allowing them to legitimately provide an offshore policy for domestically uninsurable punitive damages. In 2012, Price Forbes Bermuda placed over $800m of premiums from US-domiciled clients into London and Bermudian insurers. Classes of business were predominantly property and casualty, and the most significant industries that made up these clients were transportation; manufacturing; energy; marine; healthcare and retail. Bermudian insurers were an important part of this achievement, which is an exciting development from this dynamic market and one that is anticipated to continue.
Address: Butterfield Bank Building, 6th Floor, 65 Front Street Hamilton, Bermuda HM12
Phone: +1 441 296 6968
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