New Beazley Product Solutions unit will partner with insurance companies to enhance their coverage
Beazley, a leading provider of specialist reinsurance, has launched a new business unit, Beazley Product Solutions to offer insurance companies a swift and convenient way to broaden their product suites.
For a number of years, Beazley has been working closely with major commercial lines insurers to "embed", through reinsurance, specialty products into the insurers' existing product lines. Products such as Beazley Breach Response, Beazley's flagship data breach insurance product, have been made available to thousands more small businesses as a result.
This activity has hitherto focused exclusively on products offered by Beazley's specialty lines division, the company's largest. But with the establishment of Beazley Product Solutions any suitable product underwritten by any Beazley division could be eligible for the same approach. Beazley currently underwrites specialist insurance products through five divisions: in addition to specialty lines (which focuses predominantly on management liability and professional liability products), they comprise property; marine; political risks and contingency; and life, accident and health.
Adrian Cox, head of specialty lines, said: "The Beazley difference lies in the quality of our products, which are in many cases designed to respond to new and emerging exposures such as data breach or regulatory risk for healthcare providers. We work closely with brokers to offer these often unique products directly to clients, but we are also happy to partner with other insurers to extend our reach. It's a win-win - the insurance companies we work with gain access to valuable products that their clients need and we expand our distribution rapidly."
Jo McCann, head of specialty treaty, said: "Tens of thousands of doctors across the United States today have access to regulatory liability coverage as a result of reinsurance agreements we have made with leading physicians' liability insurers. Thousands of businesses are similarly protected against the potentially devastating consequences of data breaches. I am delighted that we will henceforth be able to customize any Beazley product in this way to enhance our reinsureds' coverage offerings."