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Greenwich, Connecticut-based W. R. Berkley Corp. said Monday it will form Berkley International Fianzas México S.A. and Berkley International Seguros México S.A., which will offer coverages to clients through Mexico, in the next few weeks.
Both companies have been granted authorization to commence operations by Comisión Nacional de Seguros y Fianzas, Berkley said in a statement. Berkley International Fianzas México will focus on surety business, while Berkley International Seguros México will offer an array of specialty commercial insurance products and services.
Guillermo Espinosa Barragan has been named general director of Berkley International Fianzas México and Javier Garcia Ortiz de Zarate has been named general director of Berkley International Seguros México.
Mr. Espinosa has nearly 25 years of experience in the property/casualty insurance industry, predominately focused in the surety segment. He most recently served as regional director for a Mexican surety subsidiary of a leading insurer.
Mr. Garcia has more than 15 years of experience in the property/casualty insurance industry, predominately focused on underwriting in Mexico and Argentina. He most recently served as regional director for property/casualty insurance in Mexico for a major insurance company. The appointments are effective immediately.
“Mexico is a vibrant market with relatively low insurance penetration that provides significant opportunities,” W. Robert Berkley Jr. CEO and president of Berkley, said in a statement. “Guillermo and Javier both have extensive knowledge of the surety and insurance markets, respectively, in Mexico, and their experience will enable us to develop a superior offering of products and services tailored to the specific needs of clients in the region.”
W.R. Berkley Corp. on Monday said it has an agreement to sell a wholly owned investment, Aero Precision Industries, and certain related aviation services businesses.