Citing demand from a “new group of sophisticated retrocessional buyers,” TigerRisk Partners announced the opening of a new Bermuda office on Monday.
In a statement announcing the new office, Rod Fox, CEO of TigerRisk, said, “These buyers want more creative, more efficient structures,” adding that these desires play into his firm’s strengths—property cat expertise, and the development of innovative solutions.
Alex Bridges, from TigerRisk’s London office, has moved to Bermuda to lead the new business platform. While the office will perform traditional reinsurance broking functions, its primary purpose will be to answer strong demand for retrocessional solutions for Bermuda clients.
The Bermuda office continues TigerRisk’s business expansion and will enable continued growth in the retro market with dedicated retro broker teams located in Stamford, Conn., London, and Bermuda, the announcement said.
TigerRisk’s global retro business is managed by Marc Lauricella, who says believes that retro is no longer simply a relationship business.
Historically, retro purchasing decisions were guided by client relationships making it a difficult business to enter, but newer retro buyers “have taken notice of analytic applications and structural techniques” applied by TigerRisk in recent retro deals, he said. “Those buyers have decided that smart ideas trump relationships,” he asserted.
Bermuda markets have been increasing their involvement within the retro market, both purchasing retro protections and supplying retro capacity. TigerRisk already has significant trading relationships with Bermuda markets and now looks to grow these relationships to help clients expand their business opportunities.
TigerRisk’s new Bermuda office will be located in central Hamilton and will open before the end of September.
TigerRisk is a privately held reinsurance broker and risk and capital management advisor founded in 2008 by Jim Stanard, a founder and former CEO of Renaissance Re, and Rod Fox, former CEO of the U.S. operations of Benfield.
TigerRisk is based in Stamford, CT with offices in New York, Minneapolis, Chicago, Raleigh, Dallas, London and Hamilton, Bermuda.