New Orleans-headquartered insurance wholesaler Burnett Holdings Inc. (Burnett) announced it has been acquired by QBE Holdings Inc. (QBE), part of Sydney, Australia-based QBE Insurance Group. The acquisition is effective from Dec. 31, 2008.
The company will continue to operate under the name of Burnett & Company Inc. and its management team will remain unchanged. With immediate effect, Burnett will act solely on behalf of QBE Marine & Energy Syndicate 1036 at Lloyd’s as a full binding coverholder for all classes of business.
Burnett, with offices in New Orleans and Houston, is headed by President John Burke. The firm specializes in underwriting marine and energy business and its product offerings range from control of well to oil and gas liabilities, and social services liabilities.
Under its new ownership, Burnett will have the ability to quote and bind 100 percent with 1036 any placement that falls into the following classes:
–Marine & Energy Commercial General Liability
–$50,000,000 Excess Liabilities (Occurrence or Claims-Made)
–$50,000,000 Energy, Exploration and Development/Control of Well
–Up to $50,000,000 any one item for Physical Damage
–$50,000,000 Loss of Income/Production/Hire and Business Interruption
–Miscellaneous Marine Liabilities
–Maritime Employers’ Liability (True and Contingent exposures)
Burnett will also have the ability to offer lead or follow subscription lines with its QBE facility as well as the capability to place the remainder of the account with other markets on a facultative basis. It will continue to consider both on and off shore exposures.
Established in 1886, QBE Insurance Group is rated “A+” by Standard & Poor’s. Active in both insurance and reinsurance, it operates out of 45 countries across the globe, with a presence in all key insurance markets.
QBE Marine and Energy 1036 is a leading syndicate, underwriting direct risks within the Lloyd’s Insurance Market. Headed by Colin O’Farrell, managing director, the syndicate has an underwriting capacity of £215m for 2009. The syndicate underwrites a worldwide account, specializing in the areas of hull, energy, liability, specie, cargo, political risks, war and allied risks.
Source: Burnet Holdings Inc., www.bcoinc.com/burnett.swf
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