Cooper Gay is looking to hire more people for its US treaty reinsurance operation to capitalise on opportunities from the acquisition of US wholesale broker Swett & Crawford in 2010
The company poached Tom McGrath from Towers Watson last November and named him executive vice president of its treaty reinsurance business in the USA. In March this year, it hired Joe Vaughan as assistant vice-president of US treaty reinsurance.
It is now looking to expand the division further. Cooper Gay’s reinsurance chief executive Andrew Hitchings told Global Reinsurance at the Monte Carlo Rendez-Vous yesterday: “They are both mariners traditionally. We are looking to match that at least on the non-marine side.”
He added: “We need more on the reinsurance side in the USA.” The combined group now handles a lot of US wholesale business, thanks to the acquisition of Swett & Crawford. Hitchings contends there is a good opportunity for Cooper Gay to sell reinsurance to Sweet & Crawford’s wholesale clients. He also believes that there is room in the US reinsurance broking market for Cooper Gay.
He said: “We firmly believe there is space for a broker such as us to come in. We know the big three have huge market share. We are not looking to compete on the same playing field. We think we can provide a good service compared with some of the smaller companies out there and we will be investing to do that.”