Beazley underwrites first policies through Dublin-based insurance company
Beazley has underwritten its first policies backed by the security of its new Dublin-based insurance company, which was authorised by the Central Bank of Ireland in July...
The company, Beazley Insurance, is rated A by AM Best and will play a key role in Beazley’s European expansion plans, transacting business from branches located, initially, in the UK, France, Germany and Spain.
Some of the policies already written by Beazley Insurance are for European banks. Beazley has recruited a team of specialist underwriters with deep expertise in writing financial institutions, which are a significant target client base for Beazley in Europe. Additionally, Beazley’s underwriting team is writing accounts with management liability, professional liability and cyber exposures that demand tailored cover and expert claims knowledge.
Beazley has been developing a suite of financial lines products to expand the company’s presence in selected European markets, including recently launching in the UK products for financial institutions that incorporate our market-leading Beazley Breach Response cyber solutions. Beazley has also launched a suite of management liability products in the UK and will be launching a full range of financial lines products for the Spanish market later this month.
The team is led by Gerard Bloom, head of international financial lines, who commented: “Beazley Insurance is open for business. We are building on our strong broker relationships in the UK, France, Germany and Spain to offer clients a choice of security from Beazley Insurance and our Lloyd’s syndicates. We will continue to hire experienced underwriters across our platforms in the UK and continental Europe to complement our existing teams in providing superior service to our brokers and clients for their January 1 renewals and beyond.”