Chaucer's Copenhagen Office Strengthens Local Team

 

Wednesday, Nov 25,2009, 11:25:50 AM   Click:

Chaucer Holdings plc's Danish reinsurance operation, Chaucer Underwriting A/S, said it's continuing to strengthen its local team with two new appointments.

Johnny Bogelund was named marine underwriter and will write European marine hull insurance on a treaty and direct and facultative basis. Jochem Albada Jelgersma was named deputy property treaty underwriter and will write property treaty reinsurance for European territories.

Both will be based in Copenhagen to write business for Chaucer Syndicate 1084 at Lloyd's.

Christian Daniele, managing director for Chaucer Underwriting A/S, said when the company established its Copenhagen office 10 years ago, it was the first company at Lloyd's to set up a reinsurance office outside of the United Kingdom.

"Traditional European business is placed locally on a direct basis, and Lloyd's has always struggled to get in the game," Daniele told BestWire. "By having local people -- we now have 13 in Copenhagen -- we are bringing Lloyd's security and capacity to our continental clients. It's a perfect mix. This is why we are strengthening our team with these new people -- we find this is a successful way of getting access to this European business. We speak the local languages."

Bogelund's position is a new one for Chaucer, Daniele said. Bogelund "will develop marine insurance, especially hull business, in Scandinavia with a focus on Norwegian business," Daniele said.

Jelgersma has been brought on board as part of a succession plan and will succeed Kristian Thomsen, director of Chaucer Underwriting A/S, who plans to retire in three years, Daniele said. "We are doing this three years in advance to make sure our clients have the continuity that Chaucer has been given them for 10 years," Daniele said.

Jelgersma will work with Thomsen and focus on developing Chaucer's property treaty account throughout Europe. He'll concentrate initially in the Mediterranean region and then in the Benelux countries.

Daniele said the Mediterranean region is an important market for Chaucer. In Greece, Turkey, Israel and Cyprus, "the [primary] companies are small and modest in capitalization; they need reinsurers much more than big European companies," Daniele said.

Bogelund has more than 18 years of underwriting and risk management experience, having held marine underwriting positions at Codan Insurance, Copenhagen Re and Balitica Insurance. He joins Chaucer from Maersk Oil and Gas.

Jelgersma has more than 10 years of underwriting experience, and joins Chaucer from TrygVesta A/S, where he was senior liability underwriter for international liability programs for industrial clients. He has also held underwriting positions at KommuneForsikring A/S, Fair Forsikring A/S and Copenhagen Re.

In August, A.M. Best Co. affirmed the Best's Syndicate Rating of A (Excellent) and the issuer credit rating of a+ of Lloyd's Syndicate 1084. At the same time, A.M. Best has affirmed the ICR of bbb of Chaucer Holdings plc, the ultimate parent company of the syndicate's managing agency, Chaucer Syndicates Ltd. (BestWire, Aug. 26, 2009). In its ratings announcement, A.M. Best said it expects syndicate 1084 to produce "good financial results in 2009, subject to catastrophe experience."