Beazley Establishes Marine Insurance Platform In U.S.
Beazley has established its new U.S. marine platform with an initial focus on hull, protection & indemnity (P&I) and liability coverage for the marine and marine construction marine platform sectors.
Beazley has been an insurer of marine risks in the Lloyd’s market in London since 1999. The products offered in the U.S., 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.
According to Stephen Vivian, head of Beazley’s U.S. marine focus group, the company will target business that typically is placed in the U.S. domestic market and not by its London colleagues.
In the U.S., Beazley will be writing predominantly brown water hull risks, with limits of up to $5 million, and marine liability risks, on both a primary and excess basis, with limits of up to $25 million.
Beazley’s marine liability offering will include protection and indemnity, terminal/port operators, ship repairers’ liability, charterers, ancillary, contractual and excess liabilities.
Beazley’s marine division underwrote $247.4 million in premiums in 2016 through underwriters located in the UK, Norway and Singapore. Risks in the U.S. 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. Vivian plans to expand the U.S. underwriting team in the course of 2018.
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 lines of business include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.