Flexible capacity deal ‘strengthens D&O marketplace’
Beazley and Hiscox have launched a joint directors’ & officers’ (D&O) consortium with up to $50m of capacity.
The capacity can be deployed in one tranche, or in other forms, such as two individual layers within an insurance programme.
In a statement, Beazley and Hiscox said that by combining they could offer higher limits and additional solutions to complex risks.
Both insurers will retain full underwriting discretion. However, where a risk falls within the appetite of both companies, they will jointly be able to write a larger line than each could individually commit to.
Beazley global management liability team head Neal Wilkinson said: “This agreement strengthens the D&O marketplace. It also offers greater choice to brokers who are increasingly looking for key markets to provide larger primary lines or participation on multiple layers within an insurance tower.”
Hiscox London Market D&O underwriter Chris Warrior said: “Our collaboration with Beazley on D&O insurance is good news for our brokers and their clients. The agreement improves the choice and flexibility available for large or complex risks and means we can collaborate when our underwriting judgements align, enhancing our ability to provide solutions to brokers and their clients.”