Broker BPL has launched a dedicated reinsurance division, BPL Re, that will provide tailored solutions and expertise to credit and political risk insurers.
BPL Re is led by insurance veteran Alistair McVeigh, who joins from Guy Carpenter, where he served as managing director since 2018, overseeing reinsurance treaty relationships with credit and political risk insurers, sureties and Lloyd’s syndicates.
Previously, McVeigh served as UK head of Marsh’s credit and political risk insurance practice. He has also held senior roles in the credit and political risk teams of both Aon and WTW.
McVeigh is joined by Louis Harvey as director, who also comes from Guy Carpenter and brings more than 15 years of reinsurance broking experience in the credit, political risk and surety space.
The new division will operate as a distinct unit within the BPL Group, with a segregated team and standalone operations, the specialist credit and political risk insurance broker said.
The launch of BPL Re is “a natural evolution of our specialist offering”, said James Reynolds, group chief executive of BPL.
“Alistair and Louis’ strong track record and deep understanding of credit, political risk and the surety sectors mean they are well positioned to lead our new offering and support the future expansion of the Group.”
The launch marks the latest in a series of expansions at BPL. In March this year, the broker opened a Tokyo office to tap growing demand from Japanese banks and corporates. Reynolds cited the “firepower” from a minority investment from private equity firm Preservation Capital Partners – which ended BPL’s long run as a fully employee-owned company – as a driver for “growth”.
The company also launched a funded solutions team offering capital management strategies to a range of institutions last November.
