Independent credit and political risk insurance broker BPL has launched BPL Re, a dedicated reinsurance division that will provide expertise and tailored solutions to carrier relationships in the credit, political risk and guarantee specialist areas.
BPL Re will be led by Alistair McVeigh, who has over 25 years’ experience in credit, political risk, surety insurance and reinsurance broking.
He joins BPL Re from Guy Carpenter, where he served as Managing Director since 2018. Previously, he was UK head of Marsh’s credit and political risk insurance business, before holding senior roles in the credit and political risk teams at Aon and WTW.
BPL noted that while the company has long applied reinsurance technology and structures to tailor solutions for direct insurance clients, this expansion will further enhance its offering.
BPL Re reportedly builds on its “market leading” position in the credit specialty segment to provide additional value-added benefits to operator customers and, in the long term, help expand market capacity and enhance overall capabilities.
“BPL Re will operate as an independent business unit within the BPL Group, with a dedicated and independent team, independent operations and improved infrastructure,” the company added.
Louis Harvey joins BPL Re as a director alongside McVeigh. Harvey, also from Guy Carpenter, has over 15 years’ experience as a reinsurance broker, specializing in credit, political risk and guarantees. Previously, he spent nine years at Aon in London, where he was part of the credit and financial risk team.
James Reynolds, Group Chief Executive of BPL, commented: “The launch of BPL Re is a natural evolution of our specialist offering. For over four decades, BPL has built a reputation as a market leader in credit and political risk insurance.
“This remains a core focus of our business as we continue to innovate to deliver value based on the changing needs of our customers and markets. While the business units are fully independent, both BPL and BPL Re will work together to put customer needs at the heart of everything we do.
“Alistair and Louis have a strong track record and a deep understanding of the credit, political risk and guarantee industries, which means they are well-positioned to lead our new products and support the group’s future expansion.”
Grahame Chilton, non-executive chairman of BPL, said: “The credit, political risk and guarantee markets are evolving rapidly with growing global demand for capacity, complex risk transfer requirements and increasing demand for specialist support. Reinsurance plays an important role in helping carriers manage capital efficiently while supporting their long-term resilience. BPL Re was established to bring specialized expertise and a more strategic approach to clients operating in this environment.”
Alistair McVeigh, Head of Reinsurance, Credit, Political Risk and Guarantees at BPL Re, commented on the new role: “Both financial institutions and corporate policyholders are rapidly reshaping the credit, political risk and guarantee markets, driven by an increasingly volatile economic, geopolitical and regulatory environment.
“Evolving market complexity and scale are in turn driving growth and competition, expanding capacity and capability requirements while attracting capital inflows and new market entrants, and driving more sustained demand from operators for risk transfer solutions and reinsurance market support.”
Louis Harvey, director of credit, political risk and guarantees at BPL Re, added: “BPL Re is designed to meet this need, supporting institutions and carriers to navigate an increasingly diverse risk landscape and achieve corporate objectives through access to the best structures, partnerships and terms.
“This is a compelling opportunity and timing in the market cycle to build a category-focused, entrepreneurial and truly buy-side product in the specialty reinsurance market.”
