|Source:||PR Newswire US|
NEW YORK, March 1 /PRNewswire/ — On March 2 Beazley becomes the first underwriting business from the Lloyd’s of London insurance market to make a major investment in New York City when CEO Andrew Horton officially opens the company’s new 17,400 square foot offices at Rockefeller Plaza.
Lloyd’s has a long and storied history in the US insurance market, dating back to before the 1906 San Francisco earthquake. But for almost all that time, US business was written exclusively out of London.
In 2005, Beazley became the first Lloyd’s-based business to become licensed to write insurance on an admitted basis in all 50 states through its wholly owned admitted insurer, Beazley Insurance Company, Inc. Since then Beazley’s US operations have grown rapidly. Today, Beazley’s subsidiary, Beazley USA Services, Inc. employs 300 staff working out of more than a dozen offices. Locally underwritten US premiums have grown from $15 million in 2005 to $370.7 million last year.
“Our new Manhattan offices reflect the success we have achieved to date and, more importantly, our future aspirations,” said Mr Horton. ”Here in one location, we have underwriters from our commercial property, management liability, and lawyers’ and technology professional liability teams, working closely with our broker partners to meet client needs.”
The new Manhattan offices at 1270 Avenue of the Americas provide space for 75 employees and will be a major hub for growth in the years ahead. Beazley has rented 17,400 square feet on a ten year lease and contributed to a substantial refurbishment of the new 12th floor space: the build-out has cost approximately $1.8 million.
Note to editors:
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 2009, underwrote gross premiums worldwide of 1,115.5 million pounds Sterling. 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
SOURCE Beazley plc