Beazley has underwritten its first policies through its Dublin-based insurer, which was authorised by the Central Bank of Ireland in July, and established to offer contingency to the European markets in response to Brexit.
Some of the policies written by Beazley Insurance are for European banks, which Beazley says are a major target client base for Beazley in Europe.
At the launch of its Dublin-branch, Beazley recruited a team of specialist underwriters for financial institutions, 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.”
Beazley Insurance is rated A by A.M. 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.
To expand its presence in selected European markets, Beazley has been developing a new suite of financial lines products and will be launching a full range of financial lines products for the Spanish market.
The carrier has recently launched solutions in the UK market for financial institutions that incorporate Beazley Breach Response cyber solutions, as well as a suite of management liability products.
Additionally, Beazley’s underwriting team is writing accounts with management liability, professional liability and cyber exposures that demand tailored cover and expert claims knowledge.
