Reinsurance News
Beazley news
News on Beazley, the London-market headquartered specialty insurance and reinsurance company.
Broker consolidation an opportunity for Beazley, says Layton
24th July 2019
Beazley’s global head of broker relations and marketing Lou Ann Layton has spoken of the opportunities inherent to an “undeniable” trend of consolidation currently sweeping the brokerage community. “While some people look at broker consolidation as a threat to the industry, or the underwriting community, Beazley sees it as an opportunity,” ... Read the full article
Strong investment gain offsets higher claims, low reserve releases for Beazley in H1
23rd July 2019
Specialist insurer and reinsurer Beazley has reported a combined ratio of 100% for the first-half of 2019, as a significant jump in investment income helped to offset higher claims, lower reserve releases and a loss in its reinsurance segment. Beazley has announced profit before tax of $166.4 million for the first-half ... Read the full article
Beazley adds two cyber, tech underwriters in US
28th June 2019
Specialist insurer Beazley has added Jennifer Beard and Matt Gullickson - two cyber & technology underwriters - to its US operations. The appointments were made to meet a growing demand from middle market businesses for insurance cover for cyber, data security and privacy exposures. Beard joins from Chubb, where she spent 12 ... Read the full article
Beazley adds Derek Dow to healthcare liability team in Canada
28th June 2019
Specialist re/insurer Beazley has announced the appointment of Derek Dow as an underwriter in its Vancouver, Canada office. Dow will be tasked with supporting the growth of Beazley’s healthcare liability book, underwriting large risk life sciences and miscellaneous medical malpractice. He arrives from HUB International where he spent the previous six years, ... Read the full article
Beazley appoints specialty treaty underwriter to product solutions team
24th June 2019
Specialist re/insurer Beazley has announced the appointment of Desiree Khoury as a specialty treaty underwriter within the Beazley Product solutions team, based in Los Angeles. Beazley Product Solutions designs customised specialist insurance cover backed by treaty reinsurance to support insurers and their policyholders. Khoury joins the division from NAS Insurance, where her ... Read the full article
Beazley confident of growth as rate momentum accelerates, say analysts
20th June 2019
Specialist insurer Beazley continues to experience improved rate momentum in 2019 with rates now up by 4% year-to-date, which analysts partly attribute to heightened claims activity across property lines and also some casualty classes of business. During a Beazley analyst seminar, the specialist insurance company revealed accelerated, positive rate momentum in ... Read the full article
Beazley to reinsure Trident’s surety offering
11th June 2019
Trident Insurance Group, Inc. has announced the signing of a reinsurance treaty with specialist insurer Beazley, which Trident says enables it to improve its competitive advantage in the expanding standard and specialty surety insurance sector. This new, strategic partnership enables Trident, a Maryland domiciled specialist surety insurer, to expand its current ... Read the full article
Beazley adds cyber cover to media, tech industry insurance policy
29th May 2019
Specialist insurer Beazley has incorporated cyber coverage into its MediaTech insurance policy as it looks to protect businesses against new and evolving forms of risk. The Beazley MediaTech policy has been streamlined to provide clear and concise wording and seamless protection, says Beazley, combining errors and omissions (E&O) and media liability ... Read the full article
Reports of ransomware attacks surged 105% in Q1: Beazley
28th May 2019
Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article
Beazley adds Cal Spessard to lead environmental liability claims team
21st May 2019
Specialist insurer Beazley has appointed Cal Spessard to lead a team responsible for handling claims arising from the company’s environmental liability business. Spessard, who will be based in New York, joins from environmental risk management specialists WCD Group, where he served as Director of claims and litigation services. Prior to joining WCD ... Read the full article
Beazley develops affirmative cyber cover for marine risks
15th May 2019
Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article
Beazley posts robust premium growth for Q1 2019
9th May 2019
Specialist insurer Beazley experienced higher than normal levels of claims within its marine, property, and reinsurance businesses during the first-quarter of 2019, while premium growth continued. Despite the pressures of increased levels of claims, the insurer did report 16% growth in gross written premiums (GWP) for the first-quarter of the year, ... Read the full article
Beazley names Richard Montminy Global Head of Property
8th May 2019
Specialist insurer Beazley has announced the appointment of Richard Montminy as Global Head of Property, effective May 20th, 2019. He brings more than 30 years of experience in both broking and senior underwriting within the commercial property space. Montminy joins Beazley from Zurich North America, where he was most recently Head of ... Read the full article
Beazley partnership to offer reputation risk solutions for US clients
29th April 2019
Specialty Lloyd’s re/insurer Beazley has announced a partnership with Tokio Marine Kiln and RenaissanceRe that aims to provide unique and flexible solutions for reputation risk. Custodian Consortium is designed to protect clients throughout the lifespan of a crisis by providing crisis management expertise and substantial loss-of-profits cover, to protect companies after ... Read the full article
Number of compromised business emails rise 133%: Beazley cyber report
15th April 2019
Business email compromises (BEC) made up 24% of the total number of cyber related incidents reported to Beazley Breach Response (BBR) Services in 2018, up from 13% in 2017, according to a report by the specialist re/insurer. BEC are social engineering attacks in which a cybercriminal uses compromised email credentials or ... Read the full article