×

Beazley extends reach in miscellaneous medical insurance market

CHICAGO, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Beazley Group (BEZ.L), a leading insurer of healthcare professional liability risks, is now offering combined miscellaneous medical professional and general liability insurance for a wide array of small healthcare providers on an admitted basis.

"The number of Americans passing the age of 65 each year is set to double by 2030, boosting demand for healthcare services – already one of America's fastest growing industries – significantly," said Dan Springman, who underwrites miscellaneous medical risks for Beazley's private enterprise team, which focuses on the professional liability needs of small businesses with revenues of up to $35 million.

An important differentiator of the product is privacy liability coverage that goes beyond that provided under most standard miscellaneous medical policies. It provides third party insurance protection as well as covering the costs of notifying affected individuals in the event that patients' personal information is breached.

Beazley has been writing miscellaneous medical professional liability insurance from its Chicago office since 2008, and has established a strong reputation as a leading underwriter of these risks on a non-admitted basis. The company also insures many of the largest and most prestigious hospitals in the United States.

"The healthcare sector is one of the fastest growing industries in the United States, and these organizations face a range of complex risks," Mr Springman said. "In today's litigious business climate, one bodily injury claim has the potential to wipe out a small organization's financial resources. Companies with fewer employees on the payroll are also more likely to use the services of third-party vendors or of volunteers, opening up the potential for additional liability."

The product provides robust coverage for industries such as:
• Ambulance services for non-emergency patient care transport
• Case managers who provide administrative oversight of patient care
• Diagnostic and dialysis centers
• Home healthcare
• Hospice care
• Medical laboratories and clinics
• Occupational and physical therapy
• Imaging centers (CAT Scan, MRI, X-Ray)

Note to editors:

Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2012, underwrote gross premiums worldwide of $1,895.9 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

CONTACT: For further information, please contact: Beazley Group Daniel Springman +1 (312) 476 6241 daniel.springman@beazley.com

Source:Beazley Group