Gallagher opens specialty business in Bermuda

Gallagher has launched a new specialty business in Bermuda offering clients insurance and risk management expertise across financial lines, construction, energy, marine and property & casualty.

Gallagher already has a significant client base in Bermuda, along with treaty reinsurance operations and its alternative risk management specialist business Artex. Gallagher said the creation of a specialty offering locally enables the firm to further expand and maximise the growth opportunities available.

Gallagher has appointed Bermudian Jasmine DeSilva as managing director of the new business. Since 2021, she has been commercial director for Artex Capital Solutions, based on the island. Gallagher said that in this role, she was instrumental in leading efforts to identify and secure new business opportunities, and during her tenure she has significantly increased market share and revenue.

Prior to this, DeSilva was the business development manager for risk and insurance solutions at the Bermuda Business Development Agency. She also spent 13 years as a casualty underwriter at Sompo Insurance. She will report to Malcolm Payton, CEO, property & casualty insurance solutions and head of global fac at Gallagher Specialty.

“Bermuda is known as the one of the world’s risk capitals and is an important insurance hub,” said Payton. “Well-regulated, experienced and capital efficient, the island has a high level of insurance expertise based locally, providing advice on complex risks. Jasmine has a proven track record within the wider Gallagher business, and we are thrilled that she is joining to run our specialty operations in Bermuda. We have a team of four supporting Jasmine locally, which we are looking to grow as we expand our client base.”

DeSilva said: “I am delighted to be taking the helm of Gallagher’s new business in Bermuda. Having been operating in the Bermuda insurance market for the last 17 years, I am very familiar with the challenges and opportunities for businesses in the region. The launch of our business in Bermuda, and establishing a Gallagher team on the ground, really opens up the availability of insurance options for regional and multinational clients.

She added: “Given our nimble approach, plus Gallagher’s entrepreneurial culture and focus on client service, I believe our proposition of providing bespoke and diverse solutions sets us up for success. I am extremely pleased with the level of talent we have already recruited, and we are planning to further expand the team in the coming months, all of whom will play an important role in our growth journey.”