Specialist insurer Beazley has announced a refreshed Primary US Public D&O Wording, available both in the London Market and on a Surplus Lines basis in the US.
The Beazley Boardroom Protect 2023 is a clear, concise and reimagined wording, designed to simplify and enhance the US Public D&O offering for brokers and clients.
According to an official statement, the Beazley Boardroom Protect 2023 is available via the Beazley Executive Risks Team in both London and in the US on a Surplus lines basis from April 2023.
Currently, Beazley manages six Lloyd’s syndicates and, in 2021, underwrote gross premiums worldwide of $4,618.9m. A wider roll out to US on Admitted paper is expected for late 2023.
The firm’s underwriters in the US 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 occupies robust market position
Beazley is a specialist insurer that provides a wide range of insurance products to businesses and individuals. The company was founded in 1986 in the UK and has since expanded to become a global insurer with offices in Europe, the US, Canada, Asia, and Australia.
The company’s insurance products include professional liability insurance, cyber insurance, marine insurance, property insurance, and reinsurance. The company also offers specialty lines of insurance such as contingency, terrorism, and political risk insurance.
One of Beazley’s strengths is its focus on innovation and its use of technology to improve the customer experience. For example, the company has developed a range of digital tools to help its customers manage their insurance policies and claims more efficiently.
The insurer has won numerous awards for its insurance products and services, including being named “Best Cyber Insurance Provider” at the Insurance Times Awards in 2020.
Beazley is the parent company of specialist insurance businesses with operations in Europe, US, Canada, Latin America and Asia.
Beazley streamlines wording to expand coverage
Beazley has taken the step to simplify their wording, which includes enhanced pre-claims coverage, expanded side A coverage, broad foreign exposure coverage and streamlined exclusionary language.
Speaking about the move, Wayne Imrie, Head of London Market Wholesale Executive Risks at Beazley, commented: “During the last 12 months, our claims and underwriting teams carried out an extensive review of all the existing coverages available across the market and reimagined how our offering could be expanded. The product of this work is Beazley Boardroom Protect 2023.”
Jeremie Saada, Head of US Executive Risk added “This is what our broker partners and clients have asked of us. Our bold, market-leading US D&O policies bring confidence and certainty, and we are proud to build on this with our reimagined, simplified solution for our brokers and clients. Beazley Boardroom Protect 2023 will initially be available on Surplus lines but we look forward to offering it on US Admitted paper later this year.”
