Beazley establishes US marine insurance platform
November 30 2017 - 9:08AM
Specialist insurer Beazley has established its new US marine
platform with an initial focus on hull, protection & indemnity
(P&I) and liability coverage for the marine and marine
construction sectors.
Beazley has been a prominent insurer of marine risks in the
Lloyd’s market in London since 1999. The products offered in
the US, which will be available on both an admitted and
non-admitted basis, are designed to complement the large risk
coverages available through Beazley’s London underwriters.
“We plan to offer the same high standard of underwriting and
claims service that we do in London,” said Stephen Vivian, head of
Beazley’s US marine focus group “but we will be targeting business
that typically is placed in the US domestic market and is rarely
seen by our colleagues in London.
“Brokers who know Beazley know us as a selective but decisive
insurer that is able to commit swiftly to risks that we like,
backing our underwriting judgement with first class service.
We plan to bring the same philosophy and approach to the US
market.”
In the US, Beazley will be writing predominantly brown water
hull risks, with limits of up to $5m, and marine liability risks,
on both a primary and excess basis, with limits of up to $25m.
Beazley’s marine liability offering will comprise a broad
spectrum of coverages, which include protection and indemnity,
terminal/port operators, ship repairers’ liability, charterers,
ancillary, contractual and excess liabilities.
Beazley’s marine division underwrote $247.4m in premiums in 2016
through underwriters located in the UK, Norway and Singapore.
Risks in the US will be written for the account of Beazley’s A.M.
Best A rated admitted carrier, Beazley Insurance Company Inc., and
– in the case of non-admitted risks – for the account of the
Beazley syndicates at Lloyd’s, also rated A by A.M. Best. Mr
Vivian plans to expand the US underwriting team in the course of
2018.
-ends-
Note to editors:
Beazley plc is the parent company of specialist insurance
businesses with operations in Europe, the US, Canada, Latin
America, Asia, the Middle East and Australia. Beazley manages six
Lloyd’s syndicates and, in 2016, underwrote gross premiums
worldwide of $2,195.6 million. All Lloyd’s syndicates are rated A
by A.M. Best.
Beazley’s underwriters in the United States focus on writing a
range of specialist insurance products. In the admitted market,
coverage is provided by Beazley Insurance Company, Inc., an A.M.
Best A rated carrier licensed in all 50 states. In the surplus
lines market, coverage is provided by the Beazley syndicates at
Lloyd’s.
Beazley is a market leader in many of its chosen lines,
which include professional indemnity, property, marine,
reinsurance, accident and life, and political risks and contingency
business.
For more information please go to: www.beazley.com
Eleanor Lewis
Beazley Group
+44 (0)20 7667 0538
eleanor.lewis@beazley.com
Deborah Kostroun
Ketchum
+1 201 403 8185
Deborah.kostroun@ketchumzito.com
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