Page 14 - Insurance Times November 2019

International

News

Beazley launches cyber AIG introduces new syndicate at Lloyd’s

risk suite for interna- American International Group, Inc. has recently declared the proposals in or-
der to launch a new syndicate at Lloyd’s serving the
tional policyholders specialist U.S. high net worth market that will start
The US-based specialist insurer writing business effective January 1, 2020, subject
B e azle y to regulatory approval. This specialist syndicate rep-
has re- resents substantial, accretive new business to the
cently an- Lloyd’s market, writing up to US$1bn in gross writ-
nounced ten premiums.
t h e
“We look forward to working closely with Lloyd’s to bring Syndicate 2019 to
launch of
market, and to delivering enhanced differentiation and value to the US high
a suite of cyber risk management net worth customer base,” said AIG.
services for international cyber poli-
cyholders. The resources are de- Syndicate 2019 will be managed by Talbot Underwriting Limited, the manag-
signed in a way that they will be ing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high
able to help mitigate the risk of a net worth segment, where AIG Private Client Group (“PCG”) is a recognized
cyber breach, and include pre- market leader in the ultra-high net worth segment, with an established strong
breach and risk management ser- distribution network and a sophisticated client proposition.
vices selected and managed by “AIG’s industry-recognized Private Client Group and its differentiated distribu-
Beazley’s in-house Beazley Breach tion network are highly compatible with Lloyd’s blueprint for innovation and
Response (BBR) Services team. sustained growth,” said Peter Zaffino, Chief Executive Officer, General Insur-
“Our BBR Services team is on the ance.
frontline assisting our policyholders Lloyd’s Chief Executive Officer, John Neal, said, “AIG Private Client Group is
with incidents each day. We recog- regarded as one of the flagship high net worth portfolios in the U.S., providing
nize that helping them to prevent a bespoke underwriting and service proposition for its customers. We are de-
these incidents in the first place is a lighted that AIG has made the strategic decision to partner with the Lloyd’s
critical benefit to their organiza- market to bring specialty niche business which wouldn’t otherwise naturally
tions, and we have therefore devel- find its way into Lloyd’s. Syndicate 2019 is a significant endorsement of the
oped this suite of cyber risk man- Future at Lloyd’s and represents strong support for our vision to build the most
agement services to protect our advanced insurance marketplace in the world.”
policyholders on all fronts. We in-
tend to continually review and up- American insurer Chubb to back SkyCity fire claim
date our services to reflect changes American insurance giant Chubb is the lead insurer backing both SkyCity and
in risks that we see in order to bet- Fletcher Building for fire at the under-construction New Zealand International
ter protect our policyholders,” said Convention Centre, the Herald understands. A well-placed insurance source says
Raf Sanchez, international BBR Ser- Chubb has more than 80 per cent of the insurance cover, with the rest held by
vices manager at Beazley. Australia's second largest insurer QBE and Warren Buffett's Berkshire Hathaway.

14 The Insurance Times, November 2019