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Specialty insurer Beazley PLC on Tuesday said it has combined its cyber and executive risk coverage, prevention and response services under one roof via the formation of a new division.
Cyber, technology, errors and omissions, directors and officers, employment practices liability, crime, and mergers and acquisition lines of business are all available from the new unit, the company said in a statement. Product limits vary by line, starting from $5 million up to $100 million, according to the company.
In aggregate, the business lines combined into the unit accounted for a little over 25% of Beazley’s gross written premiums in 2018, the company said. The insurer reported gross written premiums of $1.96 billion for the nine months ended Sept. 30.
Beazley’s breach response product and its executive coverage for M&A transaction liability are among the fastest growing products combined into the division which is led by Beazley’s head of cyber and executive risk, Mike Donovan, the company statement said.
The move will enable Beazley to offer new package policies that combine different elements of its cyber and executive risk coverages, for example a cyber policy with crime coverage, said Farmington, Connecticut-based Bob Wice, focus group leader for Beazley’s U.S. cyber and tech team.
Beazley also sees potential for offering package policies to small businesses that combine cyber, D&O, EPL and crime coverages. Retail, manufacturing and possibly construction industries are likely buyers, Mr. Wice said.
Beazley P.L.C. on Wednesday said it has launched the Concorde Consortium at Lloyd’s of London to provide added capacity for wage-and-hour risks.