Beazley Group has agreed to acquire Sapphire Blue, an agency specializing in professional liability insurance for U.S. health care institutions, particularly long term care facilities. The transaction significantly strengthens Beazley’s presence in this market, the company said.
Sapphire Blue has been an underwriter of professional liability coverage for long term care institutions for over six years. Gross premiums written by Sapphire Blue in 2006 exceeded $20 million. Beazley has supported the business since 2003.
Beazley has been writing U.S. health care risks since 1986 and created a dedicated health care team in 2003. The company currently numbers among its clients five of the top 10 U.S. hospitals and three of the top pediatric hospitals as ranked by U.S. News and World Report.
“This acquisition underlines our commitment to the U.S. health care professional liability market,” said Johnny Rowell, head of Specialty Lines at Beazley. “We know the management of Sapphire Blue well and have the greatest respect for the quality of their underwriting and client service standards. We look forward to working with them as we continue to build our healthcare practice.”
Kieran Dempsey, founding partner at Sapphire Blue, added: “We have partnered with Beazley for many years and are looking forward to joining forces with the Beazley health care team. Their commitment to sound underwriting and responsive service mirrors our own.”
Following the acquisition, Beazley’s health care team will operate from offices in both London and the United States.
Source: Beazley Group, http://www.beazley.com/
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