Beazley, a leading insurer of event cancellation and other forms of contingency business at Lloyd's, will begin underwriting contingency business locally in the United States from the beginning of 2013. The focus will be servicing existing coverholder relationships and on developing new business that is not normally seen by Lloyd's underwriters in London.
Christian Phillips, an experienced member of the team that has built Beazley's contingency business in London to the point where it is one of the market's leading underwriters in the class, will be spearheading the growth of the US account. He will be based in Beazley's office in Philadelphia from January 7, 2013.
Beazley will initially be underwriting event cancellation, non appearance, prize indemnity and weather business locally in the US on a non admitted basis, with the aim of adding more admitted capabilities (other than for weather coverage, which is already available on an admitted basis under a pre-existing coverholder arrangement) during 2013.
Chris Rackliffe, head of Beazley's contingency team, said: "Superstorm Sandy has highlighted once again the need on the part of event organizers for robust event cancellation coverage. We see great opportunity in the US market. We already underwrite a significant number of large scale US risks at Lloyd's, and that will not change. We also have strong relationships with a number of US coverholders, who we will be able to support even more effectively with a local US presence. But there is also a wide range of US business that we cannot readily access through our existing distribution channels, and we believe we have the skills and service capabilities to provide a valuable service to US brokers and their clients."
In addition to its Lloyd's-based business, Beazley currently transacts a growing volume of business sourced by regional brokers in the UK and Australia. Beazley Access, Beazley's user friendly web-based trading system, will also be made available from the January 7, 2013 to US brokers. The system enables brokers to obtain quotes and policy documentation online without the need for direct contact with an underwriter.