Lloyd’s welcomes Beazley-Hiscox D&O consortium
Lloyd’s has welcomed the announcement earlier this year that Beazley and Hiscox have joined forces to form a consortium that will offer directors’ & officers’ (D&O) coverage in the US.
The partnering firms believe this will offer brokers and clients increased choice and flexibility through alternative structures in the D&O market. It will also allow the syndicates to provide materially higher limits and offer additional solutions to complex risks.
Neal Wilkinson, head of Beazley's global management liability team, said: "This agreement strengthens the D&O marketplace. It also offers greater choice to brokers who are increasingly looking for key markets to provide larger primary lines or participation on multiple layers within an insurance tower."
The capacity can be deployed in one tranche of up to $50 million or, more likely, as two individual layers within an insurance programme.
Both insurers will retain full underwriting discretion. However, where a risk falls within the appetite of both companies, they will jointly be able to write a larger line than each could individually commit to.
Chris Warrior, D&O underwriter within Hiscox London Market, added: "Our collaboration with Beazley on D&O insurance is good news for our brokers and their clients. The agreement improves the choice and flexibility available for large or complex risks and means we can collaborate when our underwriting judgements align, enhancing our ability to provide solutions to brokers and their clients."
