International specialist insurer
Beazley has launched two new comprehensive suites of financial lines insurance products for the Asian market.
The first product suite is intended for financial institutions, offering a set of policies that includes directors and officers (D&O) liability, professional indemnity, cover for crime, and tailored insurance for investment management and private equity organisations.
Meanwhile, the second solution is intended for a wide range of commercial organisations. It includes D&O liability, public offering of securities (POSI), employment practices liability, and pension trustee insurance. It also covers data breach costs as part of in the management liability range for commercial organisations, drawing from Beazley’s expertise in cyber insurance.
The insurance products are written in Singapore by a team of expert financial lines underwriters headed by Nicholas Tey, Beazley’s international financial lines regional manager for Asia, who commented: “Recent years have seen significant new company law across the region, and regulatory requirements and anti-bribery laws show no sign of diminishing. Meanwhile the threat of data breaches continues to grow. We have designed our financial lines cover to give organisations and their executives confidence that they are protected from the range of related risks faced in the modern world.”
Gerard Bloom, head of international specialty lines, added: “Asia is a major focus for Beazley as we grow our specialty lines business outside the United States. We have built an exceptionally talented team in Singapore with an excellent understanding of the local market.”
Related stories:
Global insurers will raise rates, say investors
Beazley: Major firms have cyber business interruption concerns
Generali and Beazley partner up for cyber product
.jpg)
