Lloyd's insurer Beazley Group plc said it has created a facility in the Lloyd's market for catastrophe-exposed U.S. commercial property risks.
The company said Beazley Quincat facility will enable the property team to write 100 percent layers for U.S. clients with limits of up to $35 million.
Risks insured by the Beazley Quincat facility, consortium 9407, will be underwritten by Beazley's commercial property team: Jonathan Gray, Alastair Blades and Alistair Robson.
Mr. Gray, head of Beazley Property Group, said the new facility was formed "because many of our U.S. clients need additional capacity. The impact of last year's exceptional hurricane season continues to affect the market, causing coverage shortages throughout the U.S., but particularly in catastrophe-prone areas."
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