Harbor Point Re UK Receives FSA Authorization

Harbor Point Re UK has received authority to underwrite reinsurance in the United Kingdom on behalf of Harbor Point Re, a Bermuda-based reinsurer, the company announced.

Harbor Point Re UK has been operating as a representative office in the UK since 2006. Trevor Carvey, managing director of harbor Point Re UK, said, as a representative office, it was essentially a local contact for Harbor Point, and was not binding business.

Now, after receiving authorization from the United Kingdom Financial Services Authority (FSA), the company will initially focus on developing underwriting opportunities for short-tail specialty reinsurance classes such as marine, energy, engineering, terrorism, and war risks. It will also consider property risk reinsurance programs and “may, in the future, consider non-US casualty reinsurance programs,” according to the company.

In a statement, Mr. Carvey said, “We are very excited to have received the FSA authorization for our branch activities, which will enable us to expand our presence in the UK and gain access to London's mature specialty market. We look forward, subject to market conditions, to building a portfolio of business which complements that of our colleagues in Bermuda and New Jersey.”