Reinsurance News
Beazley news
News on Beazley, the London-market headquartered specialty insurance and reinsurance company.
Beazley launches fine art & jewellers’ block in France
9th November 2020
Specialist insurer Beazley has launched of a suite of solutions for fine art and jewellers’ block in France, expanding its offering in mainland Europe. The cover is available on a worldwide basis and includes all risk damage to objects, transport and exhibitions, terrorism and natural catastrophe events, and title deed default. Ariane ... Read the full article
Beazley reports 16% premium growth, strong rate increases
6th November 2020
Specialist insurer Beazley has reported a 16% increase in gross premiums written over the first nine months of 2020, supported by average rate increases of 14% on renewal business. Premiums came to £2,534 million at 9M 2020, up from £2,192 million for the same period last year, with growth across most ... Read the full article
Beazley launches global broker portal for digital health sector
5th October 2020
Specialist insurer Beazley has announced the global launch of an online portal that provides insight and support to brokers and their clients in the digital health sector. Beazley’s Virtual Care portal aims to help its broking partners mitigate key areas of risk affecting tech-led healthcare and wellness services. The risk solution integrates ... Read the full article
Analysts advise Beazley to secure more reinsurance
1st October 2020
Analysts at investment banking group Jefferies have advised Beazley to proactively purchase additional reinsurance, after an upward revision in its COVID-19 losses caused share prices to plummet. Beazley doubled the estimated cost of its COVID-19 claims last week from $170 million to $340 million, mainly due to further event cancellation ... Read the full article
COVID-19 event cancellation revisions not expected across the board: analysts
24th September 2020
Analysts at Morgan Stanley do not expect other re/insurers to follow Beazley in significantly increasing revisions in COVID-19 event cancellation loss estimates. It's understood the impact of events cancelled in the third and fourth quarter will likely be more modest than in the first half of 2020. Beazley has increased its estimated ... Read the full article
Beazley expands US executive risk team
23rd September 2020
Specialist insurer Beazley has expanded its underwriting and claims presence in the US with a series of new hires within the executive risk team. Elizabeth Cassarino joins Beazley’s Boston team as an underwriter. She most recently served as an executive risk underwriter at Chubb. Before that, she spent six years at Ace ... Read the full article
Beazley expands life sciences offering in UK
23rd September 2020
Specialist insurer Beazley has announced the launch of an enhanced version of its life sciences offering in the UK. The new policy is designed to protect the sector’s small and start-up research & development-focused organisations. Beazley’s new life sciences wording includes: products liability; professional indemnity; public liability; and medical malpractice; and claims ... Read the full article
Beazley doubles COVID-19 claims cost to $340mn
22nd September 2020
Specialty insurer Beazley has increased its estimated cost of COVID-19 claims from $170 million to $340 million. The claims are from Beazley's first party business and almost exclusively driven by further event cancellation losses. Given the recent surge in COVID-19 cases Beazley was forced to abandon its initial $170 million estimate, which ... Read the full article
Remote working triggers rise in phishing attacks over Q2: Beazley
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article
Beazley adds four underwriters in APAC to support growth
15th September 2020
Specialist insurer and reinsurer, Beazley, has added four underwriters to its Asia Pacific operations in order to support continued growth in the region. Both Dindson Phua and Mike Lu have joined the firm's international financial lines team, while Reeta Ambaram has joined the specialty treaty team. Additionally, Jordan Schwarz is to ... Read the full article
Beazley enhances BBR, MediaTech policies for businesses in Canada
10th September 2020
Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article
Beazley’s Lodestone adds Frank Luzsicza as CEO
12th August 2020
Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer. Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council. He will lead Lodestone’s cyber security and breach ... Read the full article
Beazley targets CyEx unit growth with addition of four new underwriters
4th August 2020
Specialty insurer Beazley has announced the addition of four new underwriters within its cyber & executive risk (CyEx) unit as it looks to grow the Chicago-based operation. Beazley's CyEx division was formed 18 months ago via the combination of the company's cyber & tech team and executive risk team, including D&O, ... Read the full article
Rate momentum to continue into 2021, says Beazley CEO Horton
28th July 2020
Andrew Horton, the Chief Executive Officer of specialist insurer Beazley, anticipates the rate momentum seen over the first six months of 2020 to continue into next year and enable double digit top-line growth for the company. “We expect this momentum to continue into 2021 because there doesn't seem to be anything ... Read the full article
Beazley sinks to $13.8mn H1 loss off COVID-19 claims
23rd July 2020
Specialist insurer Beazley has posted a $13.8 million pre-tax loss for the first half of 2020, against a profit of $166.4 million in the same period in 2019. The company attributes this loss to high volumes of claims arising from COVID-19 impacted lines, as well a lower investment return of $83.2 ... Read the full article