J K Buckenham, a Lloyd's reinsurance broker, said it has formed a new U.S. operation known as JKB USA, to be based in Indianapolis.
The company said the new venture will be a strategic partnership bringing together its Special Risks Division with U.S. wholesale and retail broker Performance Insurance Services, based in Carmel, Ind.
Neal James-Crook, who currently heads up JKB's Special Risks Division, is now based in Indianapolis to work at establishing the new business, the firm said. Mr. James-Crook has 26 years of London market experience and specializes in the production, development and placing of binding authority, program and enhancement related business, JKB said.
Commenting on the arrangement, JKB's joint managing director, Mark Trevor, said: "Our Special Risks Division already has strong links with the United States, sourcing much of its current business through North American wholesale and retail brokers, managing general agents and administrators, and Performance Insurance Services is a natural partner."
Mr. Trevor said JKB had worked for a number of years with Performance Insurance Services and his company shares "the same philosophy in providing outstanding customer service blended with technical expertise. This strategic partnership provides an opportunity for JKB to capture a greater share of this major market."
He added that the geographic expansion dovetails into the corporate strategy of JKB parent the Hyperion Insurance Group. Mr. Trevor added that the company "will be exploring every opportunity to cross-sell and collectively develop the group's business critical skills in North America."
Mr. James-Crook added, "We believe there is significant potential to attract new business within our core capabilities, including binding authorities, product enhancement–particularly focusing on affinity groups, professional indemnity, and accident and health.
"In the short time that I've been in the U.S., we've already received a number of encouraging inquiries and are confident that we'll be bringing in profitable new business for the Lloyd's market."
JKB, established in 1968, was acquired by Hyperion Insurance Company in April 2004. Both firms are based in London's City financial district. JKB has worked with Performance Insurance Services, also a Lloyd's cover holder, for the past seven years.
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