Beazley

Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.

The cat bond will pay out to Beazley if total claims arising from a cyber attack on its clients surpass $300mn.

Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.

Beazley’s promotion to the higher FTSE tier will be made official on 19 December.

The London Market carrier has reported a 2023 stamp of £3.8bn for Syndicate 2623, its largest Lloyd’s vehicle.

She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.

Beazley has successfully completed a £350mn ($417mn) fundraise to provide growth capital for targeting “attractive underwriting opportunities” in the market, especially cyber and specialty classes and property risks.

The London-listed carrier said that market dislocation could last for years and had created a strategic opportunity for the carrier.

The reinsurance market next year will be a “challenging environment”, which Beazley expects to “shift significantly”, according to CEO Adrian Cox.

The carrier said it was on track to reach a combined ratio in the “high 80s” this year.

LMA CEO Sheila Cameron, Patrick Tiernan, chief of markets at Lloyd’s and Beazley CEO Adrian Cox discussed the barriers facing female career progression in a webinar on Wednesday.

The executive will represent the Lloyd’s Market Association, having joined its board last year.