Lloyd's insurer taps Axis and Chartis for new team
Lloyd's insurer Beazley has expanded specialty professional and management liability lines business in the US by launching a fidelity and crime insurance capability.
Beazley has hired Bill Jennings to head the new team. He was formerly head of fidelity and crime at Bermuda-based insurance group Axis. Jennings is supported by Juliet White, a former fidelity underwriter at Chartis.
Fidelity and crime insurance protects organisations from loss of money, securities, or other property resulting from crime by their own employees.
Beazley will provide limits of up to $25m for fidelity bond coverage for financial institutions and for commercial crime coverage for non-financial organisations.
The offering also insures against third party related losses for forgery, theft from premises or while in transit, counterfeit currency, and computer fraud. In addition, client property, credit card and claims expense coverages are available.
Beazley’s offering targets commercial crime for companies with more than $500 million in revenue in technology, media and business services, manufacturing, distribution and retail markets. Its fidelity bond offering targets banks with greater than $1 billion in assets, insurance companies, stock brokerage, mutual fund and investment management firms.
"The established crime and fidelity market is quite traditional in its approach and has not always been responsive in providing clients with the coverage they need," Jennings said in a statement. "We look forward to bringing a fresh approach.”
