The dedicated credit and political risk broker has launched BPL Re, to be led by Alistair McVeigh, who joins from Guy Carpenter, alongside Louis Harvey as director
BPL has launched a dedicated reinsurance broking division focused for its focus on credit, political risks and surety business.
The new division, BPL Re, will provide specialist reinsurance expertise and tailored solutions for carrier relationships across the three specialty areas.
BPL said the launch marks a strategic expansion into a market segment where demand for capacity and enhanced capabilities continues to grow, alongside increasing client expectations for customised operational support.
The broker said BPL Re will operate as a distinct business division within BPL Group.
This includes a dedicated and segregated team, stand-alone operations and modified infrastructure.
Alistair McVeigh (pictured, top) will lead BPL Re as head of reinsurance, credit, political risks and surety.
He joins from Guy Carpenter, where he had been a managing director since 2018.
There he was responsible for overseeing reinsurance treaty relationships with global and regional credit and political risk insurers, sureties and Lloyd’s syndicates, as well as public agency clients.
McVeigh previously served as UK head of Marsh’s credit and political risk insurance practice, after holding senior roles in the credit and political risk teams at Aon and WTW.
Louis Harvey (pictured, below) has also joined BPL Re as director, credit, political risks and surety.
He has more than 15 years’ experience in reinsurance broking across credit, political risks and surety, and joined from Guy Carpenter.
Before joining Guy Carpenter in 2019, Harvey spent nine years with Aon’s credit and financial risks team in London.
James Reynolds, group CEO of BPL, said: “The launch of BPL Re is a natural evolution of our specialist offering.
“For over four decades, BPL has built its reputation as the market leader for credit and political risk insurance.
“This remains a core focus for the business as we continue to innovate to deliver value based on the evolving needs of our clients and the market.
“While completely separate business units, both BPL and BPL Re will share the same commitment to centring our clients’ needs in everything we do.
“Alistair and Louis’ strong track record and deep understanding of credit, political risks and the surety sectors mean they are well positioned to lead our new offering and support the future expansion of the group.”
Grahame Chilton, non-executive chairman at BPL, said the credit, political risks and surety markets were evolving rapidly.
“The credit, political risks and surety markets are evolving rapidly, with a growing global demand for capacity, additional sophisticated risk transfer requirements and an increasing need for specialist support.
“Reinsurance has an important role to play in helping carriers manage capital efficiently while supporting their long-term resilience.
“BPL Re has been established to bring dedicated expertise and a more strategic approach for clients operating in this environment.”
McVeigh said demand for reinsurance support was being driven by volatility and market growth.
“Both financial institution and corporate policyholders are rapidly reshaping the credit, political risks and surety markets, fuelled by an increasingly volatile economic, geopolitical and regulatory environment.
“This evolving market complexity and scale is in turn driving growth and competition, extending capacity and capability needs, while attracting capital inflows and new market entrants, as well as propelling more sustained demand from carriers for risk transfer solutions and support from the reinsurance market.”
Harvey said: “BPL Re is designed to meet this need, supporting agencies and carriers to navigate the increasingly multi-faceted risk landscape and deliver corporate objectives through access to optimal structures, partnerships and terms.
“This is a compelling opportunity and time in the market cycle to build a class-focused, entrepreneurial and genuinely buyer-aligned offering within the specialty reinsurance market,” he added.
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