W.R. Berkley Corp. said it has formed two subsidiaries in Mexico: Berkley International Fianzas México S.A. and Berkley International Seguros México S.A.

Both have been granted official authorization to commence operations and will begin offering coverages to clients throughout Mexico in the next few weeks, according to the insurer.

Berkley International Fianzas México will focus on surety business, while Berkley International Seguros México will offer specialty commercial insurance products and services.

Guillermo Espinosa Barragan has been named general director of Berkley International Fianzas México and Javier Garcia Ortiz de Zarate has been named general director of Berkley International Seguros México.

Espinosa has nearly 25 years of experience in the property /casualty insurance industry, predominately focused in the surety segment. He most recently served as regional director for a Mexican surety subsidiary of a leading insurer.

Garcia has 15 years of experience in the property/casualty insurance industry, predominately focused on underwriting in Mexico and Argentina. He most recently served as regional director for property casualty insurance in Mexico for a major insurance company.

The appointments are effective immediately.

Robert Berkley Jr., chief executive officer and president of W. R. Berkley Corp. said Mexico is a “vibrant market with relatively low insurance penetration that provides significant opportunities.”

Source: W.R. Berkley