London-based Beazley announced Monday it is expanding its presence in Canada with the acquisition of specialist managing general agent (MGA) Creechurch Underwriters, and has plans to enhance existing covers and launch new products.
Creechurch Underwriter’s current team, led by its president Phil Baker, will remain based in the existing offices located in Toronto, Montreal and Vancouver.
Baker will now report to Gerard Bloom, head of international financial lines for London-based Beazley.
“We are delighted to welcome this highly regarded team to Beazley,” Bloom notes in a company statement. “We look forward to working together to build Beazley’s presence in Canada by enhancing existing covers and providing deeper support to middle market and large risk accounts along with launching new products,” he continues.
Beazley has a presence in the United Kingdom, the United States, Australia, France, Germany, Norway, Singapore and the Middle East.
Launched in 1986, the company’s products include cargo, commercial hull and liability, Beazley Breach Response, event insurance, freight liability, homeowners, medical malpractice, medical malpractice for small businesses, pleasure craft and small business solutions.
Creechurch Underwriters, for its part, was founded in 1996 and generated $36 million of premiums in 2016, notes a statement Monday from Beazley.
The MGA, which works through licensed Canadian insurance brokers, offers insurance programs to small and medium enterprises in industries and professions including technology, life sciences and health products, manufacturing, distribution and trades, architects and engineers.
In addition, it offers standalone products for cyber, management liability, commercial crime, employment practices liability, professional liability, miscellaneous errors and omissions, medical malpractice, general liability, property (including vacant property), and legal expenses.
“Canada has a developed insurance market well-suited to the specialist liability products that we offer,” suggests Adrian Cox, Beazley’s head of specialty lines.
Noting that the company launched its data breach product, Beazley Breach Response, in Canada last year, “we see significant growth opportunities across our product range,” Cox adds.
Pointing out that Creechurch Underwriting has had a successful trading partnership with Beazley, “we are very familiar with Beazley’s people, products and culture,” Baker says in the statement. “It’s a great fit.”