Beazley, an insurer of event cancellation and other forms of contingency business at Lloyd’s, will begin underwriting contingency business locally in the United States at the beginning of 2013. The focus will be servicing existing coverholder relationships and on developing new business that is not normally seen by Lloyd’s underwriters in London.
Christian Phillips, a member of Beazley’s London contingency business team, will be spearheading the growth of the U.S. account. He will be based in Beazley’s office in Philadelphia from January 7, 2013.
Beazley will initially be underwriting event cancellation, non appearance, prize indemnity and weather business locally in the US on a non admitted basis, with the aim of adding more admitted capabilities (other than for weather coverage, which is already available on an admitted basis under a pre-existing coverholder arrangement) during 2013.
Chris Rackliffe, head of Beazley’s contingency team, said Superstorm Sandy has highlighted the need on the part of event organizers for event cancellation coverage and the company sees opportunity in the U.S. market.
“We already underwrite a significant number of large scale U.S .risks at Lloyd’s, and that will not change. We also have relationships with a number of U.S. coverholders, who we will be able to support even more effectively with a local U.S. presence.” said Rackliffe. “But there is also a wide range of U.S. business that we cannot readily access through our existing distribution channels, and we believe we have the service capabilities to provide service to U.S. brokers and their clients.”
In addition to its Lloyd’s-based business, Beazley currently transacts a volume of business sourced by regional brokers in the U.K. and Australia. Beazley Access, Beazley’s web-based trading system, will also be made available from the January 7, 2013 to U.S. brokers. The system enables brokers to obtain quotes and policy documentation online without the need for direct contact with an underwriter.
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