Beazley is to withdraw from a number of marine lines in the UK, These include regional cargo, regional freight liability, and regional commercial hull, all of which will be placed into run-off.
According to reports the regional UK business accounted for just 5% of Beazley’s marine book.
A Beazley spokesperson said that the UK regional marine insurance market had been under pressure for some years, with low margins posing a challenge for all insurers, Beazley not excepted.
“Following a strategic review of our UK regional marine portfolio, we have taken the difficult decision to stop underwriting UK regional cargo, freight liability and commercial hull. This applies to both new and renewal business with immediate effect. All new and renewal business quoted will be honoured, if incepted or renewed, for the duration of the policy”, said Beazley, adding that “this decision does not affect our London market marine book and we continue to underwrite pleasure craft business via our online broker platform myBeazley.”
About 15 Beazley staff across the Leeds, Manchester, London and Birmingham offices were thought to be under consultation about possible redundancies, but the final outcome remains unclear at this early stage.