Beazley expands commercial reinsurance offering in Latin America

Specialist insurer Beazley has expanded its offerings in Latin America with a suite of commercial reinsurance solutions to protect against an array of complex and evolving risks.

Beazley has launched a set of healthcare liability, cyber and financial lines reinsurance, and directors’ & officers’ (D&O) liability products designed specifically for the Chilean and Colombian markets.

The healthcare offering includes Beazley Virtual Care policy, which provides protection against risks associated with the provision of technology-enabled healthcare and wellness services, and standalone medical malpractice cover that offers protection against claims arising from actions taken by medical professionals.

In Chile, Beazley has also launched a comprehensive set of cyber and financial lines reinsurance products to protect against the risks facing businesses and their senior executives.

With cyber crime and malicious email attacks rising significantly during the COVID-19 pandemic, Beazley has drawn on its global expertise, to create an information security and privacy (InfoSec) product that offers first and third party protection and e-crime cover and costs for managing data breaches and cyber attacks. In the event of a cyber incident, the product supports the policyholder by covering costs associated with legal, forensic and notification services, call centre services, fraud or loss prevention, as well as PR and crisis management support.

Also available in Chile are the D&O liability, professional liability and crime coverages for financial institutions. The policies provide protection for companies and their senior executives operating in an increasingly litigious environment. This offering is supported by a global claims team with expertise in handling complex risks including for firms with securities exposure in the US. These products were launched in Colombia in July 2020.

Najib Bousakr, regional manager for Latin America at Beazley, said: “In 2020, businesses have been adapting quickly to manage the uncertainty created by a global pandemic and recession. We are pleased to introduce this suite of policies to help companies in Chile and Colombia navigate this new risk landscape and position them for future growth. We look forward to working with brokers, clients and ceding companies to provide flexible underwriting solutions, backed by global claims expertise.

“Our financial lines products offer reassurance to businesses and their directors that they are protected against evolving financial risks in a challenging operating environment.”

Elena Alhambra, international healthcare underwriter at Beazley, explained: “The health sector has demonstrated incredible resilience during the COVID-19 crisis and for many healthcare organizations this has involved providing more services virtually. Beazley Virtual Care is designed to respond to the interconnected liabilities facing the sector in addition to more ‘traditional’ risks associated with healthcare.”

Alessandro Lezzi, head of international cyber & technology at Beazley, added: “With the cyber threat increasing globally, for any business it is likely to be a case of when rather than if they will be hit. Therefore having 360º insurance protection has never been more important. Our international cyber team has worked with tens of thousands of clients globally and we are very pleased to bring our experience and knowledge of the fast-moving cyber threat to support clients in Chile.”