Beazley unveils new US marine insurance platform
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.
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 the company’s London underwriters. Beazley has been a prominent insurer of marine risks in the Lloyd’s market in London since 1999.
Stephen Vivian, head of Beazley’s US marine focus group, said: "We plan to offer the same high standard of underwriting and claims service that we do in London, 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, it 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 comprise a broad spectrum of coverages, including 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 US will be written for the account of Beazley’s AM Best A rated admitted carrier, Beazley Insurance Company, and – in the case of non-admitted risks – for the account of the Beazley syndicates at Lloyd’s. The company further stated that it plans to expand the US underwriting team in the course of 2018.
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