Specialist Lloyd’s underwriter Marketform announced it has sold its UK Open Market Medical Malpractice and UK / International Delegated Authority Insurance businesses to Beazley.
The team being transferred is led by Alex Wakeley, a Marketform veteran of more than 20 years, and consists of both underwriting and claims staff. Joining Beazley’s Specialty Lines team, they will be based in Beazley’s London office and report to James Eaton, global private enterprise focus group leader.
Beazley will assume claims handling responsibility for related policies issued by Marketform since Jan. 1, 2008, according to a statement from Marketform. As a result of the transaction, Beazley will add nine underwriting and claims staff and take over the servicing of claims on Marketform’s medical malpractice policies issued from 2008 to the present.
The team joining Beazley specializes in addressing the risk management needs of SMEs, including doctors, complementary medical practitioners, medical clinics, first aid services, pharmacies and other related occupations, said Beazley in a statement.
“We’re thrilled to bring on a highly skilled team that complements our existing healthcare business in the US and worldwide,” said Eaton at Beazley. “Beazley is a market leader in the healthcare sector and the addition of this well regarded team increases our ability to service clients in additional geographies.”
Adrian Cox, Beazley’s head of specialty lines said, “Healthcare liability is one of Beazley’s core specialty lines offerings and the addition of this team continues our strategic expansion in the international arena.”
On March 16, Marketform also announced it transferred its international medical malpractice insurance business to Dale Underwriting Partners, the Lloyd’s licensed underwriter.
As a result of these two business moves, Marketform said it will no longer underwrite medical malpractice insurance going forward.
The decision was taken in conjunction with Marketform’s shareholder, American Financial Group, and forms a part of a broader strategic review of the group launched under Marketform’s new Chief Executive Officer, Martin Reith, the company added.
“While medical malpractice liability has been an important part of Marketform’s history, it is no longer aligned with our strategic vision for the business. I wish Alex and his team all the success in the future as part of Beazley’s respected healthcare offering,” said Martin Reith, CEO, Marketform Managing Agency Ltd.
“Looking forward, we will remain committed to safeguarding and developing a balanced portfolio of casualty business where our focus will remain on adding value to our clients and generating profitable growth,” he added.
Source: Marketform and Beazley