Northern Trust has been appointed to provide global custody and investment accounting services for GBP1.1bn (USD1.6bn) in insurance assets for the UK specialist insurer, Beazley. The win comes after Northern recently announced strong growth in its global insurance franchise.As a top five Lloyd's managing agent, Beazley manages five Lloyd's syndicates. Beazley writes insurance and reinsurance business in the United States on a surplus lines basis through Lloyd's syndicates, as well as through Beazley Insurance Company Inc., a US insurance company licensed to write on an admitted basis in most US states.
"We appointed Northern Trust following a review to consolidate our asset servicing arrangements," said 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."
