Varney Re is the latest addition to Bermuda’s re/insurance class of 2020-21.

The Bermudian-based reinsurer has been launched by Varney Insurance Agency, a family-run business based in Maine that serves clients and retail brokers across North America, including Puerto Rico to Canada.

The company said it offers access to insurance for individuals and businesses and wholesale insurance for insurance agents.

Varney Re is a specialist alternative risk transfer reinsurance company that will deliver enhanced value for its North American client base via a range of innovative insurance products, the company said.

Tod Austin has been appointed chief operating officer of the new venture.

The company said Mr Austin has extensive experience of growing insurance businesses ranged across both agency and underwriting organisations.

He was most recently president, Atlantic Region, for MEMIC Group where he significantly grew GWP by establishing a team approach to production that focused on loss control and claims management, Varney said.

Tim Varney, president and chief executive officer of Varney Insurance Agency and Varney Re, said: “This is an exciting moment for the entire Varney organisation as we launch Varney Re and welcome Tod into this senior role.

“Our business is growing at a fast pace and we are innovating to deliver ever more effective insurance and reinsurance solutions for our clients.

“I know that Tod’s business building experience will inspire our team to keep up the pace on our forward momentum and I am looking forward to working closely together to achieve our goals.”

Mr Austin said: “I am proud to be joining the leadership at Varney, I’ve watched the progress of the business and am excited by its dynamism and client centric approach to risk management and insurance.

“Varney Re will focus on innovation and creative solutions to the challenges that our clients face and I can’t wait to get started.”

Varney Re is among a host of start-up reinsurers that have set up in Bermuda over the last 12 months.

Together with existing carriers, they have attracted an estimated $19 billion to the island in the past year and turned a renewed industry spotlight on the Bermuda market.

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