Lloyd's insurer Beazley Group is planning to start underwriting local contingency business in US, from January 2013.
Initially, the company will underwrite event cancellation, non appearance, prize indemnity and weather business locally across the US on a non admitted basis, followed by addition of more admitted capabilities in the coming months.
Beazley already provides weather coverage on an admitted basis under a pre-existing coverholder arrangement.
Beazley contingency team head Chris Rackliffe said the company expects increased requirement for robust event cancellation coverage in the US market, in the wake of superstorm Sandy.
"We already underwrite a significant number of large scale US risks at Lloyd’s, and that will not change," Rackliffe added.
Christian Phillips, an experienced member of the team that has built Beazley’s contingency business in London, will manage the growth of the US account from the company’s office in Philadelphia from 07 January 2013.
The company is also planning to offer its web-based trading system, Beazley Access, in January 2013, to help US brokers obtain quotes and policy documentation online without requiring direct contact with an underwriter.