Beazley plc, the specialty insurance and reinsurance company, has announced this morning that its CEO Andrew Horton has revealed his intention to step down and depart the firm, for a move to become Group CEO of QBE Insurance Group Limited in Australia.
Horton will remain in his post with Beazley until March 31st 2021, but won’t take up the new role at QBE until September, it is expected.
Beazley has promoted Adrian Cox to CEO, effective April 1st 2021.
Cox has worked at Beazley for 20 years, most recently as Chief Underwriting Officer (CUO) and has more than 25 years’ of insurance and reinsurance industry experience. He has also been a member of the Beazley plc Board since 2010.
Aligned with Cox’s promotion to CEO, Bethany Greenwood is being promoted to interim CUO of long tail underwriting (Cyber and Executive Risk and Specialty Lines) and Tim Turner will take on the interim CUO of short tail underwriting role (Marine, Market Facilities, Political, Accident and Contingency, Property and Treaty).
Both of these interim CUO responsibilities will be in addition to Greenwood and Turner’s existing roles, whilst Beazley enters a process to appoint a new CUO for the group.
David Roberts, Chairman of Beazley commented, “On behalf of the whole Board, I would like to thank Andrew for his leadership and outstanding contribution to Beazley, in particular as CEO, a position he has held since 2008. He has overseen the expansion of Beazley over this period, and leaves it in a strong position operationally and financially. We wish Andrew well in his new role.
“We are pleased that Adrian Cox has agreed to become our new CEO. Adrian has an outstanding track record within Beazley, spending time in both the US and the UK, and the Board is confident that under his leadership, Beazley will continue to go from strength to strength. Adrian’s appointment provides continuity in Beazley’s leadership team and strategic direction. This ensures that we will continue delivering for our people, our clients and our shareholders in the years to come.”
Adrian Cox, the incoming CEO, added, “I am delighted to be appointed CEO of Beazley. Our Group has a long and successful track record, built on the experience and expertise of our people, our innovation and a prudent approach to managing our balance sheet. I am excited about the opportunities ahead and the chance to build on our proven and successful business model in the years to come.”
Andrew Horton commented on his departure, “I have every confidence in Adrian as my successor and believe he is the best person to lead the Company going forward. Adrian is exceptionally well placed to undertake the role, having held a variety of positions during his tenure at the Company, providing him with the required depth and breadth of knowledge. I am pleased to be leaving the Group in such capable hands and I wish Adrian and the whole Beazley team all the best for the future.”
Horton joined Beazley as Group Finance Director in June 2003, before being appointed as Chief Executive Officer of Beazley plc and President of Beazley Insurance Company Inc. in September 2008.