NEW YORK, June 20, 2012 /PRNewswire/ -- Specialist insurer Beazley (BEZ.L) has broadened its professional liability product range in the US, offering fidelity insurance in the admitted market with limits of up to $25 million for financial institutions.
Fidelity insurance protects financial institutions from loss of money and securities resulting from theft by an organization's own employees. Beazley's coverage is tailored to meet the needs of banks, insurance companies, stockbrokers, and mutual funds and investment management firms with greater than $500 million in assets.
Beazley also offers commercial crime insurance on an admitted basis for non-financial companies with revenues of more than $50 million.
Bill Jennings, underwriter for Beazley's fidelity bond and crime insurance products, said: "Analyzing risks in the fidelity market is getting trickier due to rapid technological advances – which can make employee theft easier and faster - a poor economy and a lack of oversight by regulators. It is important to work with insurance underwriters who can help navigate these perils."Note to editors: Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best. Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.