Global specialty insurer Beazley has drastically reduced its Australian presence with the sale of its accident and health portfolio.

Blend, a new underwriting agency backed by Steadfast and Fairfax Financial subsidiary Advent Capital, has acquired the Beazley book and is looking to expand.

Beazley is not exiting the Australian market, and retains its contingency business.

Blend CEO Chris Newing joined in February following a decade with Chubb (formerly Ace), most recently as consumer manager for Australia and New Zealand.

Former Beazley head of Australian accident and health Suzanne White has also joined Blend as GM Distribution (Coverholders & Brokers).

Mr Newing told insuranceNEWS.com.au Blend was conceived before the Beazley opportunity came up.

“[Steadfast] recognised that it could do more with accident and health,” he said. “The Beazley portfolio was a unique opportunity for us.

“Accident and health was always going to be the core focus for Blend, but we do have an appetite to do more.”

Blend has a staff of two, but further recruitment is planned.

Business will be placed at Lloyd’s via Advent Capital, a specialty insurer that has been trading for more than 40 years and is part of Canada’s Fairfax Financial Holdings.

A Beazley spokesman told insuranceNEWS.com.au the sale is restricted to its accident and health business.

“[The sale] does not impact our contingency underwriting in Australia that continues to provide market-leading products such as event insurance, prize indemnity and the innovative Weather Guard, covering weather-related perils,” he said.