The London-based Beazley Group plc announced yesterday that Chief Executive Andrew Beazley will have a reduced day-to-day involvement in the business in the coming months as he undergoes medical treatment of an undisclosed nature.
Beazley, a global firm which manages Lloyd's Syndicates 2623 and 623 and has aggregate underwriting capacity of ?860 million ($1.7 billion), said while Mr. Beazley is undergoing treatment, Nicholas Furlonge, co-founder of Beazley, will cover for the chief executive when required.
A spokesperson for the company, Amanda Lee, said no specifics on the nature of Mr. Beazley's condition are being released as it is a private matter. She noted that Mr. Furlonge has been working along side Mr. Beazley for the past 20 years.
Beazley Group is the parent company of specialist insurance businesses with operations in the U.K., the United States, France, Singapore and Hong Kong.
Beazley's United States underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company Inc., admitted in all 50 states; and surplus lines risks, backed by its Lloyd's syndicates.
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