Beazley is a proud participant in the Lloyd's market, the largest and oldest insurance market in the world. Through the Lloyd's broker network and the market's trading licenses, we are able to access a wide range of insurance and reinsurance businesses from around the world.
Many of the lines of business we underwrite in London, such as marine and energy insurance, political risks insurance, and contingency insurance, were either pioneered or specifically developed as insurance classes at Lloyd's.
Beazley Furlonge Ltd, our Lloyd's managing agency, was established in 1986 to underwrite specialist insurance products through Syndicate 623. After listing on the London Stock Exchange in 2002 and raising £150m, Beazley established Syndicate 2623 to underwrite in parallel with 623. Within these two syndicates all business is split 2623 (82%) and 623 (18%). Syndicate 623 is supported by traditional Lloyd's capital. In 2016, Beazley underwrote gross premiums of $2,195.6 million.
In November 2008, Beazley established two new Lloyd's syndicates. Syndicate 3623 focuses on Personal Accident and also insures Sports business through its leadership of consortium 9476. Syndicate 3622 is a dedicated Life syndicate. In 2009, Beazley launched Syndicate 6107, a sidecar syndicate writing reinsurance business and in 2015 launched Syndicate 6050, a special purpose syndicate in cooperation with Korean Re. All Lloyd's Syndicates are rated A (Excellent) by A.M. Best and also benefit from the Lloyd's chain of security.
Through our Lloyd's syndicates and service companies, we are licensed to trade surplus lines insurance and reinsurance in the US and in over 65 territories worldwide.