Benfield Adds Facultative Team In Puerto Rico

NU Online News Service, Feb, 9,11 :20 a.m. EST?Benfield, the London-based reinsurance intermediary, said it has expanded its offerings in Puerto Rico to broker facultative reinsurance.[@@]

Benfield said it will offer its facultative and treaty broking services to insurers, reinsurers, independent insurance brokers and managing general agents on the island. Facultative insurance typically handles large or unusual risks not covered by standard reinsurance treaties.

The company said this enhanced capability follows Benfield's recent recruitment of four specialists to form a Puerto Rico and Caribbean facultative broking team.

Members of the new unit include Juan Rivera in Miami, Antonio Matta in Houston, and Michael Box and Amanda Hayes in London. They form part of Benfield's global Facultative Solutions operation, which now includes Australia, Continental Europe, New Zealand, Singapore, South Africa, the U.K. and the U.S.

Elliot Richardson, who leads Benfield's global Facultative Solutions operations, commented: "Puerto Rico is a sophisticated and highly competitive market, with strong international recognition of its professional approach to business. Benfield has been present in Puerto Rico in a treaty capacity for many years and has built excellent relationships with many of the islands key insurers.

"Our new facultative resources will complement these established relationships and provide customers with innovative facultative solutions to meet their needs."

Grahame Chilton, chief executive of Benfield, added, "We are delighted to announce this enhancement of Benfield's outreach in Puerto Rico. Our expanded capabilities on the island are a sign of our continued development as a global player, with genuine local expertise. This expansion will provide Benfield with a springboard for developing new opportunities within the Caribbean and Latin America regions."