Beazley places UK regional marine book in run-off
Decision could result in a small number of redundancies as the insurer pointed to pressure and low margins in the sector.
Beazley is pulling out of a number of marine lines in the UK including regional cargo, regional freight liability, and regional commercial hull.
These parts of the business will be placed in run-off.
It is believed that this accounts for 5% of Beazley’s marine book.
Low margins
A spokesperson confirmed: “The UK regional marine insurance market has been under pressure for some years with low margins posing a challenge for insurers, including Beazley.
“Following a strategic review of our UK
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