Posted on 01 Apr 2011
Fidelity and crime insurance is the latest focus for Beazley Group as the insurer continues to broaden its specialty professional and management liability lines presence in the US.
The new team is headed by Bill Jennings, one of the most experienced underwriters in this market, who has joined Beazley from AXIS, where he headed the fidelity and crime team. He is supported by Juliet White, formerly a fidelity underwriter at Chartis.
Beazley will provide limits of up to $25 million for fidelity bond coverage for financial institutions and for commercial crime coverage for non-financial organizations. Fidelity and crime insurance protects organizations from loss of money, securities, or other property resulting from crime by their own employees. Beazley’s offering also insures against third party related losses for forgery, theft from premises or while in transit, counterfeit currency, and computer fraud. In addition, client property, credit card and claims expense coverages are available.
Beazley’s offering targets commercial crime for companies with more than $500 million in revenue in technology, media and business services, manufacturing, distribution and retail markets. Its fidelity bond offering targets banks with greater than $1 billion in assets, insurance companies, stock brokerage, mutual fund and investment management firms.
Mr. Jennings will report to Mike Donovan, who heads Beazley’s Technology, Media and Business Services (TMB) team. Beazley is a market leader in insuring companies against the consequences of data breaches, some of the most damaging of which derive from the illicit actions of malicious employees. The company sees opportunities to offer such companies broad-based protection, encompassing both data breach and crime and fidelity coverage.
Bill Jennings said: “Dishonest or malicious employees represent a major threat to the health of both financial and non-financial businesses, particularly at times of economic uncertainty. The established crime and fidelity market is quite traditional in its approach and has not always been responsive in providing clients with the coverage they need. We look forward to bringing a fresh approach.”