Loss adjuster MYI has recruited Paul Ritchie from GAB Robins to head its new realty division.
Ritchie, who will join in March as executive director (realty), will lead the extension of MYI's offering to the growing property investors market.
Graham Smart, MYI executive director, said: “The gross written premium of the property investors market is estimated to grow from its present £2bn to £4bn in GWP by 2011. This market requires a differentiated loss adjusting service and an understanding of the needs of the varying players in the market who range from the single property 'buy to let investor' to investing institutions including pension schemes and fund managers.
“The liquidity of the property investment market is now changing further from 1 Jan 2007 with introduction in the UK of Real Estate Investment Trusts (REITs) which in turn will have will have specialist claims management requirements.”
He added: “The creation of our realty division is an enhancement of our existing offering, providing bespoke solutions to the market from the insurance carrier/specialist underwriter, through brokers and other intermediaries to the property owner and investor clients themselves.”
Trevor Latimer, MYI executive director, said: “We are delighted to have secured an individual of Paul's calibre. Paul was attracted to MYI because of the unique nature of our business and the opportunities that this presents to its employee equity shareholders. He is a key player in this market and securing his services is a measure of our ambition to continue growth in the UK following the formation of our full national network.”
