Beazley To Stop Writing UK Regional Marine Insurance
Law360, London (January 10, 2020, 1:54 PM GMT) -- London specialist insurer Beazley has stopped writing U.K. regional marine insurance, blaming low margins across the market.
The company said that insurance for regional cargo, freight liability and commercial hull, which offers cover for physical damage to a shipping vessel, would be placed in run-off. No new business will be taken on, and existing customers will not be able to renew their policies.
A spokesperson for the insurer declined to reveal the exact premium at stake. Beazley also said it was placing 15 roles at risk of redundancy as a result of the move.
British regional marine business represents 5% of...
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