They’ve long had the expertise. Now they have the money and the technology to go with it. A number of U.K. insurers, who started at Lloyd’s, continued to expand their U.S. presence in 2006, mainly in the surplus lines market. They’ve also begun expanding into the admitted market.
The Bermuda-based Catlin Group formed its 4th operating company, new U.S. subsidiary, based in Atlanta. In October Catlin announced that it was acquiring Wellington, another Lloyd’s insurer with a substantial presence in the U.S.
In March, Hiscox, which has primarily written fine art and high value coverage through Lloyd’s, launched a new U.S.-based underwriting operation, Hiscox USA, offering cover for small and mid-size U.S. professional service businesses – later extended to include terrorism, technology, media, telecoms and fine art insurance. It also undertook to relocate its corporate domicile to Bermuda, which is a lot closer to the U.S. that it is to London.
The Beazley Group has no plans to move to Bermuda, but it’s doing quite well with its U.S. subsidiary. As of August premiums had increased to $27.4 million, compared to $15.4 million for all of 2005.
Topics USA Carriers Excess Surplus Lloyd's
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