Beazley Establishes Builders Risk In US

Beazley Group plc (BEZ.L), has established a builders risk and engineered risk capability in the United States, headed by Mark Gadaire, a senior underwriter with more than 25 years experience.

Builders risk, commonly known as Contractors All Risks (CAR) and Erection All Risks (EAR) outside the US, has been a growth market for Beazley in recent years. In late 2006, the group established a team in Singapore to underwrite risks that would not normally be seen by underwriters based in London.

The US team will similarly focus on risks that normally remain in the domestic market. Mr Gadaire will initially be underwriting risks on a surplus lines basis for the account of Beazley's Lloyd's syndicates. Later this year the group plans to begin underwriting builders risk insurance on an admitted basis in the US for the account of Beazley Insurance Company, Inc., the group's A.M. Best A rated US insurance company.

Mr Gadaire joins Beazley from ACE, where he was National Practice Leader for Builders Risk on the global property team. Prior to joining ACE in 2003, he served as a senior engineering underwriter at XL Global Risk, based in Stamford, CT. He began his insurance career as a field engineer and holds a Bachelor of Science degree in Civil Engineering from the University of Massachusetts Lowell.

The focus of Beazley's new team will be US clients seeking experienced underwriters who can bring knowledge, consistency and awareness to the market. The team will underwrite: Contractors All Risks (CAR), covering the construction of buildings as well as certain types of civil engineering projects; Erection All Risks (EAR), covering the installation, assembly, erection and testing and commissioning of plant and machinery; and Completed Civils, which provides operational property coverage for bridges and tunnels.