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Northern Trust wins GBP1.1bn mandate from Beazley

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Northern Trust has been appointed to provide global custody and investment accounting services to GBP1.1bn (approximately USD1.7bn) in insurance assets for specialist insurer Beazley.

Beazley manages five Lloyd’s syndicates. It writes insurance and reinsurance business in the US on a surplus lines basis through Lloyd’s syndicates, as well as through Beazley Insurance Company, a US insurance company, licensed to write on an admitted basis in most US states. 

During 2009, Beazley underwrote gross insurance premiums of GBP1.1bn.
 
“We appointed Northern Trust following a review to consolidate our asset servicing arrangements,” says Richard Kelley, financial controller at Beazley. “Northern Trust has proven expertise in servicing insurance assets across the globe and a deep understanding of the Lloyd’s insurance market.
 
“We are delighted to have been appointed by Beazley,” adds Douglas Gee, UK institutional business development manager for asset servicing at Northern Trust. “The insurance market is an area of significant focus for Northern Trust. Increasingly, we are seeing a trend towards global insurance clients looking for more sophisticated administration services for their investment portfolios, freeing them up to focus on their core business. We cater to this need by giving our clients access to the precise information they require, when they want it, as well as delivering the optimal product solutions they need in order to manage their assets.”

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