Beazley starts trading throug

RNS Number : 0271D

Beazley PLC

25 November 2009

 



Beazley starts trading through the Lloyd's Exchange 

London, November 25, 2009

Beazley's underwriters now have access to the Lloyd's Exchange, allowing them to undertake electronic placing, endorsements and other market initiatives. This is the first step towards achieving end-to-end, straight through processing for risks and claims within Beazley.  

Ian Fantozzi, Group Head of E-Business, commented, "Beazley is now fully open for business electronically. We have always prided ourselves on using cutting edge technology to deliver a more efficient service for our brokers and clients; for example pioneering webcams and text messaging to reduce queuing times in the market. 

"Our adoption of the system means that we will be making a very significant contribution to the volume of business transacted through the Lloyd's Exchange - and this will increase as the renewal season gets into its stride. With the recent announcement that Marsh, Aon, and Willis are committing to use the Lloyd's Exchange for endorsements, we expect to see significant efficiency gains in this area. For example, we currently handle 30,000 endorsements a year. If an underwriter can save just three minutes on each of these by dealing with them on line, this alone frees up nine months of manpower. 

"Even more importantly, response times can be faster, with submissions sent to the underwriters ahead of a visit to the box, and errors can be reduced with data only being entered once. The face-to-face negotiation that is a fundamental strength of the Lloyd's market is only enhanced by this system. Beazley's focus is on complex risks - for example we insure four out of the top five global management consulting firms and some of the world's biggest construction projects. The adoption of the right technology frees up more time for the creative solutions in which the market specialises." 

Sue Langley, Director of Market Operations and North America at Lloyd's, commented; "I am glad that Beazley have publicly committed to use the Lloyd's Exchange. Only by businesses starting to move to live messaging can we truly push this forward." 

Beazley's access to the Lloyd's Exchange is through Universal Messaging Gateway (UMG) OnLine, provided by London Market reform technology specialists TriSystems, who have been working with insurance practitioners since 1992. 

For further information, please contact:

Ian Fantozzi, Beazley Group [phone]

Note to editors:

Beazley plc (BEZ.L), is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Ireland, Singapore, Hong Kong and Australia.  Beazley manages four Lloyd's syndicates: Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of £875.7 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. 

For more information please go to: www.beazley.com

 

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