Specialist insurer Beazley has bolstered its marine offerings with the acquisition of underwriting facility Leviathan.
The company said it will acquire the majority of Leviathan’s existing book and renewal rights. Beazley’s marine team will also be joined by the subsea specialist’s principal underwriters, Simon Edwards and Keith Broughton.
"We're thrilled to bring on a highly skilled team that complements our existing marine business worldwide," said Beazley CEO Andrew Horton. "Beazley is a market leader in the marine sector and the addition of subsea insurance expertise enhances our ability to meet a wide range of marine coverage needs."
Leviathan founder Simon Edwards said the underwriting facility will contribute to Beazley’s growth.
“We have had a long and successful trading relationship with Beazley and look forward to working even more closely to promote the company's existing products and better service marine brokers and their clients,” he said.
A lead insurer on 20% of the world's ocean-going tonnage, Beazley covers a wide range of marine risks including cargo, energy, hull and marine liability risks.
The Leviathan, meanwhile, covers a wide range of subsea risks including remotely operated vehicles (ROVs), seismic streamers, submarine and diving equipment.
It has been an existing Lloyd's cover holder for 20 years, specializing in coverage for subsea equipment used for undersea exploration and construction.