Beazley

Alongside war and infrastructure failure exclusions, the wordings include sub-limits for two cyber catastrophe scenarios.

Business will be written directly into Syndicate 5623 from 1 January 2023.

The first six months have been characterised by substantial double-digit growth and further improvement in underwriting performance.

Plus this week’s top carrier results and need-to-know people moves.

Beazley has written to its third-party capital providers notifying them of its plans to increase the stamp capacity of Syndicate 623 by 22.8% for the 2023 year of account.

The carrier reported a H1 combined ratio of 74%, as it targets $1.3bn in cyber premium for the year.

In a post-results media call, Beazley CEO Adrian Cox also noted that an expected increase in cyber claims had not yet “manifested”.

The carrier’s combined ratio improved by 7 points to 87%, marking its best CR performance since H1 2015.

Senior independent director Christine LaSala will step in as interim if a replacement is not found in time.

The market is taking its first proactive steps to resolve issues posed by the massive systemic exposures it is running.

The carrier is planning to put boundaries around coverage granted in major cyber catastrophe events, in a bid to define exposures for itself and the wider market.

The policy, which Beazley claims to be the first of its kind in London and the US, will offer $10mn of capacity.