Former Icat CEO Butler linked with Helix for potential US launch

Expansive Bermuda-based (re)insurance MGA Helix is preparing to launch a US platform to write a portfolio of property business, with former Icat CEO Greg Butler linked with the initiative, Program Manager can reveal.

It is expected that other product offerings will follow the initial property launch on the US platform.

According to sources, Butler is contracted to Helix as a strategic advisor working on plans to build the US platform.

The MGA is thought to have been talking with potential capacity providers and reinsurers ahead of a proposed launch in the coming months.

Although details of the platform are not known, it is expected that it would look to write an extension of the MGA’s existing property book written out of Bermuda by accessing US distribution on the ground, as well as developing offerings in areas such as wildfire coverage for high-value homes.

The move to launch a US platform is thought to align with the firm’s strategy to diversify its portfolio and expand its geographical footprint.

Butler – who was at Icat for 24 years, latterly as president and CEO after serving as active underwriter of Syndicate 4242 at Lloyd’s – was most recently president of high-net-worth specialty at Hub’s wholesale broking and underwriting platform Specialty Program Group.

He took that role in a move first revealed by this publication at the end of 2022, with a remit to source and manage cat capacity as well as create facilities to address the wildfire peril.

Marsh-owned Victor bought Icat in 2017. Butler was also previously the founding CEO of the California Earthquake Authority.

Helix was launched in 2020 by underwriting executives including former Hamilton Re casualty and specialty CUO Claude Lefebvre, who serves as managing partner. Its existing portfolio includes a property direct and facultative book run by Nik Lucking in Bermuda and a well-established casualty book led by Tim Hadler.

Other members of its leadership team include Nigel Mortimer and Neville Weston.

It describes itself as the first multiline independent MGA in Bermuda.

The MGA is thought to have delivered strong underwriting profits for its capacity providers, including the former Watford Re business Somers Re, which provides capacity for Helix’s middle-market property insurance program as well as its excess casualty program.

PartnerRe also supports the MGA’s property book, which can provide up to $25mn of capacity offered as 100 percent of limit on an excess of loss basis for US-domiciled risks, or up to $5mn of capacity on a syndicated basis in buffer layers or on a ventilated basis.

The excess casualty offering also provides up to $25mn in capacity with a minimum attachment that varies by industry class, offered on an occurrence first reported, claims-made, or occurrence basis.

Targeted industry classes include chemical, defense contractors, hospitality, real estate, construction, energy, manufacturing, transportation, food processing, retail and utilities.

Arch, which continues to hold a minority interest in Somers Re, also became an investor in Helix last July by taking a minority stake.

Helix did not immediately respond to a request for comment on this article.