NORTH KINGSTOWN, RI, June 29, 2020 – Effective July 2, 2020, Brit Global Specialty USA (“BGSU”) will transfer the renewal rights for Brit Global Specialty USA’s Cargo business to Falvey Cargo Underwriting. Additionally, Will Frohne and Yasu Saegusa will move from Brit to Falvey Cargo as underwriters.
Brit believes Falvey is a better strategic fit for its Cargo business, as it continues to focus its growth around core products that present the strongest opportunities to build scale and generate sustainable returns for BGSU.
President and CEO of Falvey Cargo Underwriting, Mike Falvey, says, “Falvey is committed to making the transition seamless for brokers formerly working with Brit, and providing them with the World-Class service we are known for. More importantly, we are very excited to welcome Will and Yasu to the team as they are a great fit for our organization. They provide outstanding service to brokers and are some of the best marine cargo underwriters in the market today.”
Will Frohne has almost 22 years of experience in both the Marine insurance and reinsurance space, with a background in Cargo. He has held various senior positions on both the underwriting and broking side with RSA, Marsh, Willis Re, Allianz, and most recently with Brit where he was SVP – Marine charged with building out Brit’s presence in the US Cargo market. He is an active member of the American Institute of Marine Underwriters and holds a Certificate in Ocean Marine Insurance. Will graduated from SUNY Maritime College, Ft. Schuyler with a BS degree in Meteorology & Oceanography and holds an unlimited tonnage any ocean U.S. Coast Guard 3rd Officer's license in the US Merchant Marine. Will says, “I’m very excited for Yasu and I to join the Falvey Cargo team, and to help transition our book of business over from Brit. Being part of the Falvey team puts us in an even better position to service our clients and brokers by capitalizing on the technology, resources and capacity provided by the Falvey Insurance Group.” Will will be based in Long Island, NY.
Yasu Saegusa has over 16 years of experience in cargo underwriting, holding multiple senior underwriting and management positions with AIG’s Tokyo, New York, and Los Angeles offices, and most recently with Brit as VP Marine, focusing on developing Brit’s cargo book on the West Coast and supporting growth of the national cargo portfolio. Yasu graduated from Keio University in Tokyo, Japan with a bachelor’s degree in Economics and is fluent in both English and Japanese. Yasu adds, “I could not be more thrilled and excited to be joining the team at Falvey Cargo. Very grateful for this opportunity and I look forward to continue providing the best service I can to our Brokers and Insureds.” Yasu will be based in Los Angeles, CA.
These new additions will bring Falvey Cargo’s underwriting headcount to 13, as the company approaches its 25th year in operation.
Brit is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit is a subsidiary of Fairfax Financial Holdings Limited.
About Falvey Cargo Underwriting
Falvey Cargo underwrites marine cargo coverage in three cargo industry segments: General Cargo, Life Sciences, and Technology. Founded in 1995, Falvey Cargo Underwriting has evolved into the largest cargo covernote holder at Lloyd’s of London, offering the highest MGA capacity in the marine cargo market. With over 150 years of combined marine cargo underwriting experience, Falvey Cargo provides global reach with local expertise servicing clients around the world from offices in Rhode Island, California, New Jersey, New York, North Carolina, Washington, Toronto, and London, with dedicated loss prevention, claims adjusting, and recovery services in-house. Falvey Cargo Underwriting is a subsidiary of Falvey Insurance Group.