Juniper Re reinsurance broker launched by BRP Group, Irvan to lead
Distribution focused BRP Group, or Baldwin Risk Partners, has announced the launch of a new reinsurance broking arm named Juniper Re LLC, as the company sees a “unique market opportunity” to become a full-service broking platform.
Juniper Re is the latest specialist reinsurance broker to be launched in recent years, as the number of small, specialised challenger brokers increases.
The gap to the big reinsurance brokers is vast for any start-up in the space and it’s almost impossible to conceive of anyone being able to grow sufficiently to challenge their dominance.
But, smaller brokerages still see opportunities to secure some clients and given the profit margins available in reinsurance broking, thanks to the construction of the market chain and the way compensation is apportioned among participants in reinsurance placements, makes reinsurance a very appealing market to be in.
BRP Group has hired reinsurance broking veteran Jeff Irvan to lead Juniper Re as President.
Irvan was most recently the Chief Property Officer at BMS Group, prior to which he spent 21 years at Willis Re specialising in property treaty business for the E&S market.
“Given the demanding (re)insurance market landscape and changing risk profiles, many of our clients and other stakeholders in the marketplace are looking for a diverse portfolio of solutions for their evolving needs,” explained Trevor Baldwin, Chief Executive Officer of BRP Group. “As BRP Group looks to bolster our ability to deliver holistic, innovative solutions to our clients and trading partners, we are confident that this is an ideal time to enter this growing segment.
“Juniper Re represents a natural complement to our retail brokerage business which rounds out our capabilities as a full-service broker in a manner we expect will contribute to BRP Group’s growth over time.”
“BRP Group is an ideal organization in which to incubate a dynamic reinsurance broking platform given the Company’s exceptional track record of performance, established suite of resources and unique culture and values, including its distinction as one of Fortune Magazine’s Best Workplaces in Financial Services and Insurance,” added Jeff Irvan.
“Similarly, we intend for Juniper Re to be a home for the industry’s most talented reinsurance professionals who desire to work at a modern broker rooted in best-in-class technology, with an entrepreneurial workplace and a relentless focus on client service and innovation.”
