Reinsurance News
Beazley news
News on Beazley, the London-market headquartered specialty insurance and reinsurance company.
Beazley improves UW result as profits dip on investments
2nd March 2023
Specialist insurer and reinsurer Beazley has reported a 48% dip in profits for 2022 as a poor investment performance offset improvements in its underwriting result. Beazley’s profit before tax for the year came to $191.0 million, compared with $369.2 million for 2021. This was due to a net investment loss of $179.7 ... Read the full article
Beazley appoints Bannister as Chair Designate
13th February 2023
Following the conclusion of an external search, Beazley has announced the appointment of Clive Bannister as Chair Designate and a non-executive director. On 21 July 2022, the firm announced that David Roberts would be standing down as Chair in the autumn of 2022 to take up the role as Chair of ... Read the full article
Beazley predicts complex cyber threat landscape through 2023
3rd February 2023
Greater incident complexity, a shift in the way threat actors use stolen data, and a rise in US class actions will drive the cyber threat landscape in 2023, according to a Beazley report. The Cyber Services Snapshot report presents global data on incidents handled by Beazley Cyber Services including cause of ... Read the full article
Beazley launches new private equity liability insurance product
27th January 2023
Beazley, the specialist insurer, has announced the launch of a new private equity liability insurance product. The insurer stated that the tailored product is designed to focus on the inherent directors and officers (D&O) risks within the long-term lifecycle of portfolios held by private equity firms. Across the full lifecycle of investments, ... Read the full article
Beazley hires Swiss Re’s Fred Kleiterp as European General Manager
25th January 2023
Beazley has appointed former Swiss Re executive Fred Kleiterp to the role of European General Manager as the firm continues its growth across Europe. Kleiterp will join the company on 1 June 2023 and will additionally become a member of the Executive Committee. Beazley suggests that the appointment is another step in ... Read the full article
Beazley confirms placement of market’s first cyber cat bond
9th January 2023
Specialist re/insurer Beazley has now confirmed that it has sponsored a ground-breaking cyber catastrophe bond transaction, designed to cover remote probability catastrophic and systemic cyber events, with the potential for more deals later in 2023 and beyond. It was reported earlier by the Financial Times that Beazley, the London headquartered ... Read the full article
Beazley launches $45 million cyber catastrophe bond
9th January 2023
Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against "remote probability catastrophe and systemic events", opening up a much larger source of capital for the firm, according to a report by the Financial Times. It's been described as the first cyber ... Read the full article
Beazley poised to expand presence in property market throughout 2023
20th December 2022
With an expected turnaround in the fortunes of the property re/insurance markets throughout 2023, Beazley’s Group Head of Treaty, Patrick Hartigan, suggests the firm is ready to step up and support insurers and commercial buyers to find cover as peers pull back in the face of investor disillusionment due to ... Read the full article
Beazley Smart Tracker Syndicate 5623 given Lloyd’s approval
8th December 2022
Beazley Smart Tracker Syndicate 5623 has been granted Lloyd’s approval, meaning it will move from a Special Purpose Arrangement to full syndicate status. A statement from Beazley said that the approval will be effective from the beginning of January. Adrian Cox, CEO Beazley, said: “As a pure follow syndicate, 5623 offers a ... Read the full article
Ellie Horner takes over as Head of Ceded Reinsurance at Beazley
24th November 2022
Specialist insurer Beazley has named Ellie Horner as Group Head of Ceded Reinsurance, following the departure of William Mills to AGCS. Horner has served as Ceded Reinsurance Manager at Beazley since 2020. Prior to this, she spent 12 years working as a US Casualty Treaty Broker at Aon, having joined the firm ... Read the full article
Marsh places insurance for UK space launch with Beazley
23rd November 2022
Broker and risk advisory firm Marsh says it has placed insurance with Beazley for the first space rocket launch from the UK. The firm said that the launch – which is expected to take place this year at Spaceport Cornwall, one of the UK’s first domestic spaceports – will carry, among ... Read the full article
Industry returns driven by hard market: Goldman Sachs
23rd November 2022
A new note from Goldman Sachs says that attractive returns within the industry are being driven by a hard market. The firm said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty. This has continued, it said, as the hard market pricing has started ... Read the full article
Reinsurance market next year will be a “challenging environment”: Beazley’s Cox
22nd November 2022
The reinsurance market is set to be a “challenging environment” next year which Beazley expects to see shift significantly, says Chief Executive Officer Adrian Cox. During Beazley’s Q3 22 earnings call, Cox stated that a “properly priced reinsurance and a disciplined reinsurance market is positive for the insurance industry overall”. He also ... Read the full article
Beazley raises £350m to support organic growth, fund attractive underwriting opportunities
16th November 2022
Beazley, the specialist insurer, has completed its previously announced share issuance, raising gross proceeds of roughly £350 million (£337m net) to support organic growth and fund attractive underwriting opportunities, while maintaining a strong balance sheet. The firm announced yesterday that it was looking to raise £385 million via the placing of ... Read the full article
Beazley targets £385m capital raise, plus retail share issuance
15th November 2022
Specialist insurer Beazley plans to issue 60,959,017 new ordinary shares of five pence each to raise gross proceeds of £385 million, alongside an additional retail share issuance, as the company looks to take advantage of "attractive underwriting conditions." The new ordinary shares Beazley intends to issue represents 9.9% of its existing ... Read the full article
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