Insurance group
Beazley has announced the acquisition of a specialist MGA, a move which expands the firm’s specialty lines presence internationally.
Creechurch Underwriters, a Canadian firm which offers specialized insurance solutions for risks including high technology, life science, health and sports, will be taken over by Beazley.
Creechurch, which generated CAD$36 million (£22 million) of premiums in 2016, offers standalone products for cyber, management liability, commercial crime, employment practices liability, professional liability, miscellaneous errors & omissions, medical malpractice, general liability, property and legal expenses.
The MGA’s team of 30 will remain in their three existing offices in Toronto, Vancouver and Montreal, and will continue to be led by Phil Baker, Beazley said in a release, who will report to Gerard Bloom, Beazley’s head of international financial lines.
Bloom said he was delighted to welcome the “highly regarded team” to Beazley, adding that the move would help build Beazley’s presence in Canada by “enhancing existing covers and providing deeper support to middle market and large risk accounts along with launching new products.”
“Canada has a developed insurance market well suited to the specialist liability products that we offer,” Adrian Cox, Beazley’s head of specialty lines, said.
“Last year we launched our market leading data breach product, Beazley Breach Response, in Canada, and we see significant growth opportunities across our product range,” he added.
Creechurch’s president, Phil Baker, said: “We have had a successful trading partnership with Beazley ever since we began in 1996. We are very familiar with Beazley’s people, products and culture - it’s a great fit.”
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