Reinsurance broker TigerRisk Partners is to open an office in Bermuda by the end of this month.

The company announced yesterday that Alex Bridges, from TigerRisk’s London office, has moved to Bermuda to lead the new business platform.

TigerRisk is privately held and was founded in 2008 by former RenaissanceRe chief executive officer Jim Stanard and Rod Fox, former CEO of Benfield’s US operations, who is now TigerRisk’s CEO.

The firm said yesterday that its primary focus would be on retrocessional business.

“There is a new group of sophisticated retrocessional buyers,” Mr Fox said. “These buyers want more creative, more efficient structures. TigerRisk is known for its property cat expertise, innovative products and highly creative solutions. That’s what the new retro buyers are looking for.”

In the statement, TigerRisk said: “Bermuda markets have been increasing their involvement within the retro market, both purchasing retro protections and supplying retro capacity. TigerRisk already has significant trading relationships with Bermuda markets and now looks to grow these relationships to help clients expand their business opportunities.”

TigerRisk is based in Stamford, Connecticut and also has offices in New York, Minneapolis, Chicago, Raleigh, Dallas and London. The company said its new office on the Island would be in central Hamilton.

TigerRisk’s global retrocessional business boss Marc Lauricella said: “Historically, retro purchasing has been guided by client relationships and therefore it’s a more difficult business to enter. However, some of the newer retro buyers have taken notice of our analytic applications and structural techniques. Those buyers have decided that smart ideas trump relationships.”

Mr Fox added: “TigerRisk will continue its focus on new reinsurance and retro product development, working closely with many of the reinsurance markets to solve our clients’ coverage needs through new product development.”