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Beazley USA Insurance Group has received regulatory approval for the creation of a second admitted insurance company, Beazley America Insurance Co. Inc., to support its growth, the insurer said Tuesday.
Oldwick, New Jersey-based A.M. Best Co. Inc. said in a statement Tuesday that it has assigned a financial strength rating of A (excellent) and long-term issuer credit rating of “a” to Beazley America Insurance Co., with a stable outlook.
Beazley said in a statement in response to a query that it “has been growing very strongly in recent years in the U.S. and exceeded $1 billion in locally underwritten premiums last year and has obtained regulatory approval for a second admitted insurance company’s creation to support this growth.”
“The specialist markets within which we operate are rapidly evolving and a second insurance company will help us adapt existing products and launch new products more swiftly. We are initially looking at making specialty lines products available through the new company,” the statement said.
Best said in its statement that Beazley America “is strategically important to and integrated within Beazley. The ratings are being extended to Beazley America given the explicit support provided through a 100% reinsurance arrangement.”
Beazley PLC said Monday it is partnering with other Lloyd’s insurers to offer reputational risk coverage to protect firms experiencing crises.