Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
Google and Apple Warn U.S. Visa Holders to Avoid International Travel Amid Lengthy Embassy Delays 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Roche CEO Warns US Drug Price Deals Could Raise Costs of New Medicines in Switzerland 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
New York, Aug. 24, 2017 -- Beazley, a leading insurer of fidelity and crime risks, has launched a new excess policy for the US market that significantly expands the protection available to firms that fall victim to impersonation scams by fraudsters convincing employees to wire funds to external accounts.
This and similar “social engineering” attacks have proliferated in recent years, costing some companies millions of dollars. Insurance coverage to address the risk has largely failed to keep pace with the larger attacks, typically providing between $100,000 and $250,000 of protection.
Beazley’s new policy addresses this shortfall, providing coverage of up to $5,000,000 in excess of underlying coverage of at least $250,000. The coverage is available on a surplus lines basis only.
Bill Jennings, crime underwriter at Beazley, said: “Brokers and insureds have been clamoring for higher limits for social engineering risks, and we’ve come up with a very simple excess form to meet their needs. Our coverage can follow the terms of another insurer’s primary cover. It can also be used to boost the social engineering cover currently available under our own market-leading cyber policy, Beazley Breach Response.”
Note to editors:
Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd’s syndicates and, in 2016, underwrote gross premiums worldwide of $2,195.6 million. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
Eleanor Lewis Beazley Group +44 (0)20 7667 0538 [email protected]
