Brit Global Specialty USA (BGSU), a division of specialty insurer and reinsurer Brit, has announced that it will transfer the renewal rights for its Cargo business to Falvey Cargo Underwriting, the largest cargo covernote holder at Lloyd’s of London.
According to Brit, Falvey is a better strategic fit for its cargo business, with the company focusing its growth around core products that present the best opportunities to expand and generate sustainable returns for Brit Global Specialty USA.
Under the arrangement, Will Frohne and Yasu Saegusa will move from Brit to Falvey as underwriters.
Frohne brings almost 22 years of experience in the marine insurance and reinsurance sector, with a background in cargo. Throughout his career, he has held various senior positions on both the underwriting and broking side of the business with RSA, Marsh, Willis Re, Allianz, and most recently with Brit where he served as SVP – Marine. In his new role, he will be based in Long Island, NY.
Frohne commented: “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.”
Saegusa brings more than 16 years of cargo underwriting experience to the role, having held numerous senior underwriting and management roles with AIG’s Tokyo, New York, and Los Angeles offices. Most recently, Saegusa served as VP – Marine at Brit. Saegusa will be based in Los Angeles, CA.
“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,” said Saegusa.
The additions of Frohne and Saegusa takes the number of underwriters at Falvey to 13, as the firm approaches its 25th year in operation.
The company’s President and Chief Executive Officer (CEO), Mike Falvey, commented: “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.”