Specialist insurer Beazley has expanded into the U.S. marine sector with a new platform that offers hull, protection indemnity (P&I) and liability cover for the marine and marine construction sectors.
These products will be offered on both an admitted and non-admitted basis and have been designed to complement large-scale risk coverage 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 U.S. marine focus group “but we will be targeting business that typically is placed in the U.S. 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 U.S. market,” Vivian said.
In the U.S., Beazley plans to underwrite brown water hull risks, with limits of up to $5 million, and marine liability risks on both a primary and excess basis, with limits of up to $25 million.
Beazley’s marine liability products will include protection and indemnity, terminal/port operators, ship repairers’ liability, charterers, ancillary, contractual and excess liabilities.
In 2016 Beazley’s marine division underwrote $247.4 million in premiums through underwriters located in the UK, Norway and Singapore.
Vivian said Beazley plans to expand its U.S. underwriting team in 2018 as the firm seeks expansion in its marine books of business.
