Beazley
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The four major developments of the week include: -
As Adrian Cox prepares to take the helm at Beazley, what challenges does the CEO-in-waiting face?
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Peel Hunt and Jefferies analysts are reassured by calibre of the outgoing CEO’s internal replacement.
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CUO Adrian Cox will take over as CEO of the London-listed carrier next month, accelerating a move that was widely expected to happen at some point.
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Beazley has rebuilt its contingency team after large losses and a number of senior underwriter departures.
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The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
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Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season.
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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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Both non-executive directors will leave after the AGM in March.
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Pressure is growing from Lloyd’s underwriters on A&H coverholders, which often attract high commissions.
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The carrier becomes the latest to review policies in order to manage exposures.
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The senior appointment follows large contingency losses at Beazley and a string of personnel departures.
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