Reinsurance News
Beazley news
News on Beazley, the London-market headquartered specialty insurance and reinsurance company.
Beazley partners with Ardonagh for cross class follow capacity solution
16th April 2021
Ardonagh Specialty, the holding company and growth platform for The Ardonagh Group's portfolio of specialist, reinsurance and wholesale broking brands, has partnered with Beazley for a cross class follow capacity solution that will exclusively benefit Price Forbes clients across multiple classes. The arrangement will see the Beazley Smart Tracker follow pre-approved ... Read the full article
London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch
31st March 2021
A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article
Beazley launches D&O product suite for SPACs
10th March 2021
Specialist insurer Beazley has launched a directors’ and officers’ (D&O) product suite designed specifically for Special Purpose Acquisition Companies (SPACs). The new D&O products for US-domiciled SPACs offer dedicated coverage for either the individuals, or the entity and individuals combined, from the initial public offering (IPO) to the initial business combination. Jim ... Read the full article
Beazley names Praesidium as provider for Safeguard policyholders
5th March 2021
Specialist insurer Beazley has named Praesidium as its provider of enhanced risk management, prevention, and response services for Beazley Safeguard policyholders. The Beazley Safeguard policy combines risk management and crisis response for primary insureds with effective insurance coverage to reduce the risk of sexual abuse occurring within organisations and to respond ... Read the full article
Beazley CEO Horton to depart, move to QBE Insurance as Group CEO
3rd March 2021
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 ... Read the full article
Beazley forms new digital business unit
26th February 2021
Specialist insurer Beazley has announced the creation of a new digital business unit, which is intended help the company to reformulate its approach to developing and underwriting digital insurance solutions. Existing digital initiatives and platforms created to further Beazley’s digital capabilities will now be led by a multi-disciplinary team headed up ... Read the full article
Beazley expands to write DWP, Safeguard in US
18th February 2021
Specialist insurer Beazley has bolstered its US underwriting team with the appointments of Lindsey Fyfe and Kyle Rolf. Both Fyfe and Rolf will write Deadly Weapons Protection and Safeguards, standalone insurance products designed to offer critical prevention and crisis response services. Fyfe joins Beazley from Risk Placement Services in Georgia where she ... Read the full article
Beazley expects reinsurance disputes after Supreme Court ruling, says Horton
5th February 2021
Andrew Horton, Chief Executive Officer (CEO) at Beazley, has said the company is expecting disputes around reinsurance coverage following the Supreme Court's ruling on business interruption (BI) losses linked to COVID-19 in the UK. Speaking during a Q4 earnings call, Horton explained that there has been a long-held expectation in the ... Read the full article
Beazley’s combined ratio deteriorates to 109% on COVID & ransomware
5th February 2021
Beazley has reported that its combined ratio deteriorated to 109% in 2020 on the back of first-party COVID-19 losses and elevated ransomware reserves, as the firm announces a loss before tax of $50.4 million for the year. The more than $50 million loss for the period compares with profit before tax ... Read the full article
Beazley enhances its Reputational Risk policy
26th January 2021
Specialist insurer Beazley has partnered with Polecat Intelligence London in a bid to enhance its Reputational Risk insurance policy. This platform works by providing artificial intelligence-enabled tools to help policyholders control their corporate brand and reputation more effectively. The policy's cover includes crisis management services to minimise a companies reputational damage, and ... Read the full article
Beazley appoints Christine LaSala as Chair
22nd January 2021
Specialist insurer Beazley has announced that Sir Andrew Likierman will be succeeded by Christine LaSala as Chair of the Beazley Remuneration committee. This is at the conclusion of the company's AGM on 26 March, 2021 following the completion of his second three-year term, in line with standard succession requirements. In addition to ... Read the full article
Beazley reports increase in ransomware severity, cost
24th December 2020
Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article
Beazley adds Pierre-Olivier Desaulle to board as non-exec director
11th December 2020
The board of specialist insurer and reinsurer, Beazley, has announced the addition of Pierre-Olivier Desaulle as a non-executive director, effective January 1st, 2021. Desaulle has been serving as a non-executive director on the firm's subsidiary board, Beazley Insurance dac, since November of 2017. Formerly, he served as the Chief Executive Officer (CEO) ... Read the full article
Beazley adds Chris Hill to US marine team
7th December 2020
Specialist insurer Beazley has announced the appointment Chris Hill as an underwriter within its US marine team. Based in New York, Hill will underwrite a US-wide book of marine hull and liability risks. He joins Beazley from Berkley Offshore Underwriting Managers where he spent more than seven years, most recently as vice ... Read the full article
Beazley expands insurance products in Latin America
11th November 2020
Specialist insurer Beazley has announced that it has expanded its insurance products in Latin America with a suite of commercial reinsurance solutions. Beazley’s healthcare liability offering is available in Chile and Colombia with products designed specifically for these markets by a global team of underwriters. Included is Beazley Virtual Care, a policy ... Read the full article