London (27th January 2014) – Leading Lloyd's of London insurers Beazley and Hiscox have joined forces to offer brokers and clients increased choice and flexibility in the D&O market. Through the D&O consortium, the syndicates will be able to provide materially higher limits and offer additional solutions to complex risks.
Central to the proposal is an increase in flexibility: by jointly participating on individual policies the consortium participants can offer alternative structures to brokers and clients. The capacity can be deployed in one tranche of up to $50 million or, more likely, as two individual layers within an insurance programme.
Both insurers will retain full underwriting discretion. However where a risk falls within the appetite of both companies, they will jointly be able to write a larger line than each could individually commit to.
Neal Wilkinson, Head of Beazley's Global Management Liability team, said: "This agreement strengthens the position of Lloyd's in the D&O marketplace. It also offers greater choice to brokers who are increasingly looking for key markets to provide larger primary lines or participation on multiple layers within an insurance tower."
Chris Warrior, D&O Underwriter within Hiscox London Market, added: "Our collaboration with Beazley on D&O insurance is good news for our brokers and their clients. The agreement improves the choice and flexibility available for large or complex risks and means we can collaborate when our underwriting judgements align, enhancing our ability to provide solutions to brokers and their clients."
For further information please contact:
|Jasvinder Kaur||+44 (0) 207 674 7579||[email protected]|
|Lucy Hensher||+44 (0) 20 7448 6619||[email protected]|
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2012, underwrote gross premiums worldwide of $1,895.9 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com (external link).
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Europe offers a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
For further information, visit www.hiscoxgroup.com.
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