BEAZLEY ACQUIRES SUBSEA SPECIALIST COVERHOLDER LEVIATHAN

Lloyd's insurer Beazley has expanded its marine offering with the acquisition of subsea specialist The Leviathan Facility. Beazley will acquire the majority of the business' existing book and renewal rights to the remainder. Principal underwriters, Simon Edwards and Keith Broughton, will also join Beazley’s marine team. The Leviathan Facility is an existing Lloyd’s coverholder of 20 years standing specialising in coverage for subsea equipment used for undersea exploration and construction. It covers a wide range of subsea risks including remotely operated vehicles, seismic streamers, submarine and diving equipment. Andrew Horton, Beazley’s chief executive, said the acquisition complemented the Lloyd's carrier's existing marine business. “The addition of subsea insurance expertise enhances our ability to meet a wide range of marine coverage needs," Horton said.