Besso Limited

Besso Insurance Group Limited, whose main trading subsidiary is “Besso Limited”, is an independent management owned Lloyd’s Lloyd's of London Broking group operating within the London Insurance market. Its function is to provide other international brokers and intermediaries with access to Lloyd’s, an international insurance underwriting centre, and other insurance and reinsurance markets in London and Bermuda.
Besso Limited provides insurance coverage for a wide range of sectors including: marine, aviation, property, casualty, professional indemnity, key person and insurance linked securities transactions.
History of Business
The business was created in 1995 when a team from insurance broker, Jardine Lloyd Thompson Group , acquired the long established J Besso Lloyd’s broker to found what is now Besso Insurance Group Ltd. The new entity was established with the support of the private equity investment firm, B.P. Marsh & Partners Plc . The latter specialises in investing in early stage businesses within the financial services industry. Its shares are listed on the UK Alternative Investment Market (AIM).
Type of Product
Besso arranges insurance coverage for a range of insurance classes under the following categories:
* Aviation: Hull and Liability insurance, Fixed and Rotor Wing.
* Reinsurance: Commercial, Motor and General Liabilities, including - Employee Benefits, Travel, Motor, Property, Risk, Catastrophe, Energy, Marine, Transport, Infrastructure, Construction, Financial and Contingent.
* Casualty: Construction, Healthcare, Pharmaceutical and Neutraceutical, Heavy Products, Large Excess Programmes, Programme and Facility Business, Product Recall and Discontinued Operations.
* International: Personal Accident, Travel and Expatriate, Kidnap and Ransom, Term and Group Life, Fine Art Collections, Antiques, Precious Metals, Goods in Transit, High Net Worth Household & High Value Motor.
* Marine: Hull and machinery, Protection and Indemnity, Charterers Liability, Ship repairers, Oceanographic equipment, Crew Personal accident, General cargo, War, strikes and terrorism and Political risks.
* Professional & Financial Risks: Professional Liability, Directors and Partners Liability, Pension Trustee Liability, Medical malpractice and Privacy and Network Security.
* Property: Course of Construction, Flood insurance, Garage Keepers Legal Liability, Professional Liability, Occupational Accident and Special Events.
About
Besso Limited employs over 180 staff, based at the company headquarters at Crescent in City of London. Operations are managed from the United Kingdom but the Company does also maintain overseas liaison/representative offices (in the Ukraine and Turkey) and a broking subsidiary in Hong Kong. It also has international partnerships with brokers and intermediaries in several regions including USA, Canada, Australia, the Middle East and Far East.
As a broking firm at Lloyd’s of London, Besso Limited is regulated by the Financial Services Authority (FSA) and a member of the representative body, British Insurance Brokers Association (BIBA) and the London Insurance Brokers Association (LIIBA).
Key Personnel
Besso Insurance Group Limited. is led by Chairman, Michael Wade Michael John Wade and Chief Executive, Colin Bird. The senior executive management also comprise: Colin Marshall and Howard Green (Executive Directors), Philip Newlyn (Group Finance Director) and David Field (Company Secretary). David Smith (Director- Marine) Roddy Caxton-Spencer (Joint Managing Director International) Fabio Strazzer (Joint Managing Director - International) Russ Nichols (Director - Property) Ken Barrett (Director - Besso Re) Stuart Short (Director P&F Risks) Rob Dowman (Director - Casualty) Ian Tooke (Director - Property). Andrew Martin runs reinsurance specialist firm Optex Group which is a wholly owned subsidiary.
Up to date Business Figures & Data
Besso Limited generates in excess of $0.5b in overseas insurance premiums per annum into the London Market. The majority of the company’s business is produced by a worldwide network of independent insurance broker contacts who require specialist access to Lloyd’s of London and similar insurance and reinsurance markets.
B.P. Marsh & Partners Plc., who provided initial investment into the company, continue to hold a minority stake. On 18 October 2011, B.P. Marsh & Partners announced company interim results for the six months ending 31 July 2011. This included the announcement of an acquisition of an additional 11% shareholding and loan stock in Besso Insurance Group Ltd. for £1.5 million. This increased its total equity holding in Besso Limited to 34%. B.P. Marsh & Partners Plc. Valued their interest in the firm at £4.182 million as at 31 July 2011.
Corporate Social Responsibility
Among the charitable organisations Besso Limited supports are Arts4Dementia , Children’s Bureau and The Lord’s Taverners.
Michael Wade, was one of the creators of the Lloyds Community Programme This initiative engages volunteers from within the Lloyd’s Market to help strengthen local communities in East London. Wade also chaired the organisation for five years.

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