Beazley Bridge Beazley presentation master February 2008
Beazley Bridge: A turnkey solution Simple administration: • One Lloyd’s Global Contract • One invoice • When placed in the US, Beazley handles all premium apportionment and taxes (except for US Surplus Lines Taxes) • Full transparency of premium and tax Simplified coverage: • No foreign languages • Reduce need for policy amendments • Ability to customize for individual countries Simply more affordable : • No policy issuance fees • Side A/DIC coverage is less expensive than ABC cover 2
Beazley Bridge: Simply Drawn The illustration below exemplifies how Beazley Bridge has been drawn. Beazley Bridge can be applied as the sole D&O coverage in a jurisdiction (see Israel below) or as excess A/DIC coverage where an existing policy exists or more limits are required (see Germany below). Additional XS Carriers Beazley Bridge XS ABC or A/DIC Beazley Bridge – Primary Carrier Side A/DIC Local Policy 2nd XS Carrier Non Lloyd’s Licensed Israel D&O Program Country D&O Program 1 st XS Carrier Beazley Bridge – Side A/DIC Primary Carrier Primary Carrier US D&O Local Policy Master Program Germany D&O Program 3
Beazley Bridge: Wording Beazley Bridge Endorsements : • Endorsement is applied to any excess layer in a D&O tower • Provides Side A/DIC coverage using a broad DIC clause • DIC clause explicitly adds trigger for inability to pay due to lack of licensure • Provides shared aggregates or separate aggregates • Separate aggregate options have common claim wording • Provides explicit schedule of countries, premiums, taxes • New clauses for subrogation, governing law and non-scheduled countries 4
Beazley Bridge: How is Underwritten? • International premiums are based on a “just and reasonable” methodology and informed by underwriting criteria such as: • Legal characteristics of country • Size of operations • Financial strength and ownership structure • Availability of indemnification • Nature of operations (e.g. extent of regulation) • Underlying coverage • Typical pricing • $500 - $2500 per country for shared aggregate limit when lone solution • $250 - $500 per country when excess of “local” policy • One page Beazley Bridge Questionnaire or rely on competitor applications and public information 5
Beazley Bridge: Target Company Profile Beazley’s US D&O Team Beazley’s UK D&O Team Parent Domicile US Only Global Subsidiary EEA , Australia, Barbados, Belize, Bermuda, All listed to the left and Anguilla, Antigua, Location British Virgin Islands, Canada, Cayman Bahamas, Dominica, Falkland French Guiana, Islands, Hong Kong, Israel, Mauritius, New Grenada, Jamaica, Monaco, Namibia, St. Kitts Zealand, Singapore, South Africa, & Nevis, St. Lucia, St. Vincent, Trinidad & Switzerland Tobago, Vanuatu, Zimbabwe. (more territories coming shortly) Note: China & Japan when primary on select accounts Industry Classes Commercial Commercial and FI Size of Risk All, but in EEA, the risk must be a Large All Risk meeting at least 2 tests (Global assets > 6.2m €, Revs > 12.8m €, Employees > 250) 6
Lloyd’s of London: Key Benefits • One “Global Contract” replaces need for multiple policies • Lloyd’s global licensure differs from competitors’ parent/subsidiary networks • Contract certainty • Familiar language, jurisdictions, courts • Familiar underwriters, claims managers • Coverage issued with policy by endorsement • Claims experience • 2011 Lloyd's processed claims from 218 countries, paid claims in 197 • 2011 Beazley processed claims from 160 countries, paid 7547 claims in 136 • Lloyd’s “chain of security” and strong financial ratings • S&P A+, AM Best A XV 7
Who Can help me? US Underwriters (Public Co D&O) UK Underwriters (Public Co D&O) US Underwriters (Pvt D&O, All EPL) Anthony Komro (MidWest) Rachel Turk Dan DeAlmeida (East/West Coast) +1 (312) 476 6208 +44 (0)20 7674 7406 +1 (646) 943-5903 Anthony.Komro@beazley.com Rachel.Turk@beazley.com Dan.DeAlmeida@beazley.com Marc London (SE, Mid-Atlantic) Neal Wilkinson Pam Sfikas (Midwest) +1 (646) 378-4012 +44 (0)20 7674 7239 +1 (312) 476-6222 Marc.London@beazley.com Neal.Wilkinson@beazley.com Pamela.Sfikas@beazley.com Deirdre Finn (West Coast) UK Underwriters (EPL) Jeremie Saada (East/West Coast) +1 (917) 344 3310 +1 (646) 943-5908 Paul Nash Deirdre.Finn@beazley.com Jeremie.Saada@beazley.com +44 (0)20 7674 7255 Paul.Nash@beazley.com James Rizzo (New York Metro) +1 (646) 943-5901 Wayne Imrie James.Rizzo@beazley.com +44 (0)20 7674 7446 Wayne.Imrie@beazley.com Jeremie Saada (Northeast) +1 (646) 943-5908 Christina Herald Jeremie.Saada@beazley.com +44 (0)20 7674 7580 Christina.Herald@beazley.com 8
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