Specialist insurer Beazley has underwritten its first policies through its new Dublin-based insurance company, which was authorized by the Central Bank of Ireland in July.
The company, Beazley Insurance, is rated “A” by A.M. Best and “will play a key role in Beazley’s European expansion plans, transacting business from branches located, initially, in the UK, France, Germany and Spain,” commented Beazley in a statement.
Some of the policies already written by Beazley Insurance are for European banks, said the company in a statement. As a result of this targeted European client base, Beazley said it has recruited a team of specialist underwriters with expertise in financial institutions.
Beazley has been developing a suite of financial lines products to expand the company’s presence in selected European markets, including the recent UK launch of products for financial institutions that incorporate its Beazley Breach Response cyber solutions. Beazley has also launched a suite of management liability products in the UK and will be offering a full range of financial lines products for the Spanish market later this month.
“Beazley Insurance is open for business. We are building on our strong broker relationships in the UK, France, Germany and Spain to offer clients a choice of security from Beazley Insurance and our Lloyd’s syndicates,” said Gerard Bloom, head of international financial lines.
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