WTW launched independently staffed and operated managing general underwriter Verita.
The company said it will initially focus on insurance services for the real estate, hospitality and leisure, financial institutions and professional services industries.
Verita operations are “completely walled off from the brokerage operation. Verita is open to trading with all clients and brokers,” a WTW spokesperson said.
Verita is supported by “strategic allies, especially Markel,” President and Chief Executive Officer Edward Chiang said in a statement. “It is exciting to collaborate with industry specialists driven to be the best in the business, which will lead to mutual success.”
The MGU’s policies will be written and issued on Markel paper, said the spokesperson.
Verita said it seeks business from young, growing through large, established businesses.
Successful managing general agents focus on underwriting, providing coverages and innovating, rather than simply promising their clients growth, Matthew Mosher, president and CEO, AM Best Rating Services, and Andrea Keenan, executive vice president and chief strategy officer, AM Best, said recently.
Six former Sompo International executives lead Verita: Chiang; Chief Underwriting Officer Neal Enriquez; Chief Industry Officer Jason Dockery; Head of Property Shaun Gonzales; Chief Actuary Jolin Shi and Chief Commercial Officer Robert Tuohy.
Chiang was previously a founding member of Sompo’s global risk solutions division and the segment’s chief finance and pricing officer, according to Verita. Earlier, he was a national primary casualty risk management leader at QBE, head pricing actuary of Ace Financial Solutions group and consultant at Ernst & Young.
Enriquez was also a Sompo GRS founder and global casualty insurance manager. Earlier, he led Chubb’s Risk Management Group and was at AM Best and Ernst & Young.