Beazley

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

CEO Adrian Cox and CFO Sally Lake are set to lose more than £100k each in long-term share awards after the accounting error.

Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.

With the new war exclusions starting to take effect from Q4 last year, the executive expects a disorderly few months before the market reaches equilibrium.

The carrier said an investment loss of $179.7mn largely offset 14% GWP growth over the period.

As Adidas terminated its partnership with Kanye West following his antisemitic tweets, it projected a loss that signalled why insurers should be pushing the need for brand reputation insurance.

The executive is set to replace David Roberts as chair.

Fred Kleiterp will leave his current role as CEO for EMEA at Swiss Re Corporate Solutions to join Beazley in June.

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.