Insurer pushes into regions with new platform to target marine and PI risks
Lloyd's insurer Beazley is to target regional marine and professional indemnity business (PI) through its newly-rebranded platform Beazley Solutions.
The regional marine division, headed by Stephen Smyth, will operate from a new Birmingham office. It will write cargo, hull, and liability business.
Beazley director Nicholas Furlonge said the insurer wanted to create a "strong regional presence for cargo business".
Smyth said Beazley aimed to develop strong relations with regional brokers, and would look at all sizes of marine risks. "You have to have regional representation to access the business we want to write."
Beazley's regional liability offering will target the small end of the PI market, said specialty lines underwriter Steve Bashford.
Typical premiums will be approximately £3,000, he said, making it "the type of business that hasn't traditionally been coming to the Lloyd's market."
Both regional divisions will operate under the Beazley Solutions brand, replacing the Beazley IDL identity. The change will take effect from 1 June. All regional risks will be 100% underwritten by Beazley.
"This is the first phase of a regional initiative," said Furlonge. "We want to position ourselves so that we can access business at its origins."
Furlonge said the group had not ruled out opening further regional offices in the future.
The UK regional cargo market is thought to be worth approximately £350m.