Beazley Builds Builders' Risk Business

November 2, 2009 10:06 AM EST

CHICAGO, Nov. 2 /PRNewswire-FirstCall/ -- Beazley is pleased to announce the expansion of its US property business with the creation of a dedicated Builders' Risk team.

Colin Rose, a senior underwriter from the London Construction and Engineering team, will move to Chicago to lead the initiative and will be joined there by Tom Warner, who joins Beazley from Allianz Global.

Mark Bernacki, Head of US Property commented, "This is a natural progression for Beazley. The Construction and Engineering business has established teams in London and Singapore. We believe there will be comparably strong demand for the skills of specialist underwriters in the US market.

"Colin and Tom have a wealth of expertise and in excess of 45 years combined construction experience to bring to the sector. While the construction market is undoubtedly suffering in the current economic conditions, there are signs that indicate improvements in 2010. We believe that this is the right time to be putting in place the infrastructure to help brokers and clients once the market begins to pick up."

Tom Warner commented; "It is an exciting time to be joining Beazley to help to build this team from the ground up. There are some indications that project finance lenders are looking more closely at deals, and 2010 should see some projects getting the green light. The fiscal stimulus is also likely to kick in next year on a range of infrastructure initiatives."

The Builders' Risk product rounds out Beazley's current admitted and surplus lines fixed property offerings, meeting the vast majority of brokers' property insurance needs. The team will focus on owners and contractors who are engaged in construction in all areas of the US as well as their interests overseas. Their appetite will include all types of buildings, civil engineering, oil and gas, power, and light and heavy industries.

Note to editors:

Beazley plc (BEZ.L), is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Ireland, Singapore, Hong Kong and Australia. Beazley manages four Lloyd's syndicates: Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of 875.7 million pounds Sterling. All Lloyd's syndicates are rated A by A.M. Best.

In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best.

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

SOURCE Beazley plc

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