Beazley, a provider of specialist marine insurance, is expanding its marine offerings with the acquisition of London-based subsea specialist The Leviathan Facility.
Beazley will acquire the majority of their existing book and renewal rights. In addition, principal Leviathan underwriters, Simon Edwards and Keith Broughton, will join Beazley’s marine team.
Beazley said it is a lead insurer on 20 percent of the world’s ocean-going tonnage and covers a wide range of marine risks including cargo, energy, hull and marine liability risks.
The Leviathan Facility is an existing Lloyd’s coverholder of 20 years standing, specializing in coverage for subsea equipment used for undersea exploration and construction. Leviathan covers a wide range of subsea risks including remotely operated vehicles (ROVs), seismic streamers, submarine and diving equipment.
“We’re thrilled to bring on a highly skilled team that complements our existing marine business worldwide,” said Andrew Horton, CEO of London-headquartered Beazley. “Beazley is a market leader in the marine sector and the addition of subsea insurance expertise enhances our ability to meet a wide range of marine coverage needs.”
“We are delighted to join Beazley’s well-regarded marine team and contribute to their future growth,” said Simon Edwards, founder of Leviathan.
“We have had a long and successful trading relationship with Beazley and look forward to working even more closely to promote the company’s existing products and better service marine brokers and their clients,” Edwards added.
The acquisition is subject to regulatory approval.
Source: Beazley
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