Insurer Beazley has established a new US marine platform with an initial focus on hull, P&I and liability coverage for the marine and marine construction marine platform sectors.
The products offered in the US would be available on both an admitted and non-admitted basis. They would complement the large risk coverages available through Beazley’s London underwriters, the company said. Beazley has been an insurer of marine risks in the London market through Lloyd’s since 1999.
Stephen Vivian, head of Beazley’s US marine focus group, said that the company would be targeting business that typically was placed in the US domestic market and not by its London colleagues.
In the US Beazley would be writing predominantly brown water hull risks, with limits of up to $5m, and marine liability risks, on both a primary and excess basis, with limits of up to $25m.
Beazley’s marine liability offering will include P&I, terminal/port operators, ship repairers’ liability, charterers, ancillary, contractual and excess liabilities.
Beazley’s marine division underwrote $247.4m in premiums in 2016 through underwriters in the UK, Norway and Singapore.
Risks in the US would be written for the account of admitted carrier Beazley Insurance Co Inc. For non-admitted risks the policy would go through the Beazley syndicates at Lloyd’s. Both have an ‘A’ rating with AM Best. Vivian said that he planned to expand the US underwriting team through 2018.