Beazley Group has launched a new fidelity and crime service, expanding its specialty professional and management liability lines presence in the US.
The insurer said it will provide limits of up to $25m for fidelity bond coverage for financial institutions and for commercial crime coverage for non-financial organizations.
Fidelity and crime insurance will protect organizations from loss of money, securities, or other property resulting from crime by their own employees.
According to the Beazley, it also provides coverage against third party related losses for forgery, theft from premises or while in transit, counterfeit currency, computer fraud as well as client property, credit card and claims expenses.
Beazley's offering will target commercial crime for companies with more than $500m in revenue in technology, media and business services, manufacturing, distribution and retail markets.
The fidelity bond offering will focus banks with more than $1bn in assets, insurance companies, stock brokerage, mutual fund and investment management firms.
Beazley said that the new fidelity and crime insurance team will be led by Bill Jennings, who joined Beazley from AXIS, where he headed the similar role. Jennings will be supported by Juliet White, formerly a fidelity underwriter at Chartis.
Jennings will report to Mike Donovan, who heads Beazley's technology, media and business services (TMB) team.
Jennings said that the dishonest or malicious employees represent a major threat to the health of both financial and non-financial businesses, particularly at times of economic uncertainty.
"The established crime and fidelity market is quite traditional in its approach and has not always been responsive in providing clients with the coverage they need. We look forward to bringing a fresh approach," Jennings said.
The insurer said it will provide limits of up to $25m for fidelity bond coverage for financial institutions and for commercial crime coverage for non-financial organizations.
Fidelity and crime insurance will protect organizations from loss of money, securities, or other property resulting from crime by their own employees.
According to the Beazley, it also provides coverage against third party related losses for forgery, theft from premises or while in transit, counterfeit currency, computer fraud as well as client property, credit card and claims expenses.
Beazley's offering will target commercial crime for companies with more than $500m in revenue in technology, media and business services, manufacturing, distribution and retail markets.
The fidelity bond offering will focus banks with more than $1bn in assets, insurance companies, stock brokerage, mutual fund and investment management firms.
Beazley said that the new fidelity and crime insurance team will be led by Bill Jennings, who joined Beazley from AXIS, where he headed the similar role. Jennings will be supported by Juliet White, formerly a fidelity underwriter at Chartis.
Jennings will report to Mike Donovan, who heads Beazley's technology, media and business services (TMB) team.
Jennings said that the dishonest or malicious employees represent a major threat to the health of both financial and non-financial businesses, particularly at times of economic uncertainty.
"The established crime and fidelity market is quite traditional in its approach and has not always been responsive in providing clients with the coverage they need. We look forward to bringing a fresh approach," Jennings said.
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