Our business
Beazley plc is the parent company of our specialist insurance business with operations in Europe, the US, Canada, Latin America and Asia. Beazley is a proud participant in the Lloyd’s market, one of the largest and oldest insurance markets in the world. Through the Lloyd’s broker network and the market’s trading licences, we are able to access a wide range of insurance and reinsurance business from around the world. Many of the lines of business we underwrite, such as Marine, Political Risks and Contingency, were pioneered at Lloyd’s.
Beazley manages seven Lloyd’s syndicates: syndicates 2623 and 623 underwrite a broad range of insurance and reinsurance business worldwide; syndicate 3622 is a dedicated life syndicate; syndicate 3623 previously wrote personal accident and facilities business; syndicate 6107 is a special purpose syndicate which writes reinsurance business; syndicate 5623 writes facilities business; and syndicate 4321 is a Lloyd’s syndicate in a box, which focuses on writing business on a consortium basis led by syndicate 2623/623 based on ESG scores of insureds.
We also underwrite business directly in the US-admitted market through Beazley Insurance Company, Inc. ("BICI"), an admitted carrier licensed to write in all 50 states, and Beazley America Insurance Company, Inc. ("BAIC"), an admitted carrier licensed to write in 49 states.
Our European insurance company, Beazley Insurance dac ("BIdac") underwrites business throughout the European Economic Area, the United Kingdom and Switzerland. BIdac is licensed to write direct business through its branches in the UK, France, Germany, Spain and Switzerland. BIdac also acts as an internal reinsurer for a portion of the Group syndicates’ business.
In Asia Pacific, Beazley operates from its Singapore hub and has a license in Labuan. We leverage the regional Lloyd’s infrastructure, most notably in China through the Beazley underwriting division at Lloyd’s China in Shanghai. The region is covered by a team of over 50 colleagues with extensive underwriting and claims management capabilities in region.
Classes of business
Engineering and construction products include:
- Machinery breakdown (MB) and loss of profits following (MLOP)
- Contractors all risks (CAR) & Erection all risks (EAR)
- Electronic equipment (EEI) and computer insurances
- Plant and machinery all risks (MAR)
- Advance loss of profits/delay in start up (ALOP/DSU)
Political, trade credit, terrorism and contingency risks coverage include:
- Political risks, political violence & stand alone terrorism
- Contract frustration and trade credit
- Contingency (event cancellation, conference & exhibitions, prize indemnity, weather)
Marine products include:
- Cargo
- Fine art and specie
- Project cargo
- Marine hull
International Financial Lines products include:
- Professional indemnity
- Directors and officers liability
- Financial instituitions risks
- Healthcare risks
- Cyber risks
- Surety
- Transactional liability
- Treaty
In addition, Beazley has a dedicated property underwriter focusing on property facultative risks. We also focus on jewellers block, airline, general aviation and rotor wing insurance. Our market leading team provides hull and liability cover for commercial and private operators; onshore/offshore operators; and business jets and medium to high value turbo prop aircraft. Beazley is also a member of the Construction Consortium at Lloyd's Asia, offering capacity of USD212.5m for large construction projects.
Placing a risk with Lloyd's in Singapore
Lloyd's Asia Service Companies are able to trade with any broker and there is no requirement to use a Lloyd's broker.
If you are a broker and wish to place business with Lloyd's Asia Service Companies please view the class of business matrix here.