Beazley establishes US marine insurance platform
Specialist insurer Beazley has established its new US marine platform with an initial focus on hull, protection & indemnity (P&I) and liability coverage for the marine and marine construction sectors.
Beazley has been a prominent insurer of marine risks in the Lloyd’s market in London since 1999. The products offered in the US, which will be available on both an admitted and non-admitted basis, are designed to complement the large risk coverages available through Beazley’s London underwriters.
“We plan to offer the same high standard of underwriting and claims service that we do in London,” said Stephen Vivian, head of Beazley’s US marine focus group “but we will be targeting business that typically is placed in the US domestic market and is rarely seen by our colleagues in London.
“Brokers who know Beazley know us as a selective but decisive insurer that is able to commit swiftly to risks that we like, backing our underwriting judgement with first class service. We plan to bring the same philosophy and approach to the US market.”
In the US, Beazley will be writing predominantly brown water hull risks, with limits of up to $5m, and marine liability risks, on both a primary and excess basis, with limits of up to $25m.
Beazley’s marine liability offering will comprise a broad spectrum of coverages, which include protection and indemnity, terminal/port operators, ship repairers’ liability, charterers, ancillary, contractual and excess liabilities.
Beazley’s marine division underwrote $247.4m in premiums in 2016 through underwriters located in the UK, Norway and Singapore. Risks in the US will be written for the account of Beazley’s A.M. Best A rated admitted carrier, Beazley Insurance Company Inc., and – in the case of non-admitted risks – for the account of the Beazley syndicates at Lloyd’s, also rated A by A.M. Best. Mr Vivian plans to expand the US underwriting team in the course of 2018.