The company is publicly-owned and shares trade on the London Stock Exchange. The company maintains about 30 U.S. locations, including Farmington, Connecticut, and New York City.
Beazley Group maintains five Lloyd’s of London syndicates. In addition to customized property & casualty insurance lines, the company offers risk excess and catastrophic reinsurance policies for other insurers.
Approximately half of the company’s business is underwritten in the United States. Other international office locations include Germany, Singapore, France, Norway, Hong Kong, and Australia.
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Beazley Commercial Clients
Beazley’s focus customer groups include retail and wholesale jewel cutters and jewelers in the United Kingdom, Belgium/Europe, and Hong Kong.
The company is also developing a new specialty insurance practice in managing liabilities related to data and information breaches.
Beazley’s marine insurance unit covers one-way trips or voyages on the high seas.
The company’s sport injury practice insures professional athletes such as rugby stars.
The company offers commercial auto insurance and property & casualty personal lines geared towards high net worth individuals and provides ultra-high value property insurance coverage in the U.S. marketplace.
A property & casualty’s lifespan from start to settlement is called the claim’s “tail” in the insurance industry.
Beazley communications information mentions the company’s short “tail” process in claims settlement. Some claims, such as those involving environmental waste, may have long tails.
Beazley attempts to manage a portfolio of short to medium claims tails and hopes to attract a clientele interested in rapid turnaround claims times.
The company offers an interactive grid for claims notification on the company website. Customers click the area in which they need to make a claim.
The website helps the client perform the next steps. Alternatively, Beazley representatives help clients file a claim by telephone.
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Beazley and Lloyds of London Underwriters
Commercial auto insurance and other property & casualty insurance offered in the United States markets is written by one of Beazley’s Lloyds of London syndicates.
According to the company website, Beazley first started to transact U.S. business in 2005. The company purchased part of a Mutual of Omaha property & casualty operation that year, and the acquisition provided an entry point for Beazley.
In 2009, Beazley purchased First State Management, a commercial excess and surplus lines operation, from Hartford Financial Services.
The growth by acquisition prompted the company to reorganize as Beazley Group Limited. The parent was named Beazley, plc. that year.
Global industry insurance rating entity A.M. Best Company has given Beazley’s U.S. division, Beazley Insurance Company, an “A” or Excellent financial strength rating, as well as an “a” issuer credit rating.
A.M. Best also sees a stable outlook for the company in both categories.
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