Beazley
-
The carrier confirmed a combined-ratio guidance in the “low 80s” for the year.
-
Staff turnover has been elevated in the energy market this year.
-
The short-term disruption of relisting may be justified by the long-term benefits.
-
Christine LaSala will step back from her board membership at the end of this month.
-
The partnership will add more capacity on the platform from April.
-
For the 2022 year of account, the updated forecast remains unchanged.
-
Hiscox, Beazley and Lancashire all delivered one-off capital returns while swerving casualty issues.
-
The carrier reported $1.2bn profit and 71% CoR for 2023.
-
Beazley was one of the first four cyber cat bond sponsors.
-
Beazley also confirmed the appointment of CFO Barbara Plucnar Jensen.
-
Slipstream will be available to marine, cargo and logistics UK clients.
-
Beazley is expected to announce its year-end results on 7 March.
-
-
The MGA previously hired Sara Valentine from Brit to launch in energy.
-
Koscondy will set the global production and distribution strategy of all of Beazley’s cyber business sub-$250mn.
-
Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
-
Growth opportunities at Lloyd’s no longer limited to top underwriting performers, Insurance Insider’s survey shows.
-
Cat losses were within budgets despite high levels of minor events.
-
CEO Adrian Cox said the market has continued to soften more than Beazley initially anticipated.
-
The carrier attributed growth in the division to "exceptional" conditions in the property market throughout the year.
-
Brenna Westinghouse joined Beazley in 2017 after 14 years at Marsh.
-
The rating reflects “the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States”, AM Best said.
-
The proposals, published in July, would have placed additional reporting burdens on large UK firms.
-
The carrier is looking to grow its direct underwriting capabilities, focussing on the offshore wind market.
-
Panellists at the Dive In Festival explored the link between innovation and inclusion and why it's important to them as leaders in their respective fields.
-
The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
-
The carrier increased gross written premiums by 13% to $2.92bn, while the combined ratio deteriorated by 13 points from a prior-year figure of 71%.
-
London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
-
Sally Lake has spent 18 years at the carrier, including the last five as CFO.
-
Beazley and Lancashire’s plans to launch US units exemplify wider competitive challenges that the market must overcome to thrive.
-
The carrier’s before-tax profit leapt by $356mn to $547mn under the new IFRS 17 reporting standards.
-
The carrier warned that if members do not back its proposals, it will continue with plans for a US E&S carrier without compensation.
-
This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.
-
The CEO said the business shift would be structurally simpler, as he said Beazley was “very confident” on its reinsurance cover despite exposure to Vesttoo.
-
The carrier reported a 66% increase in GWP for its property business.
-
The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
-
The revision reflects AM Best’s expectation that Beazley will maintain its risk-adjusted capitalisation "comfortably at the strongest level”.
-
Staffing turmoil is ongoing in the marine market as companies vie to secure talent.
-
Beazley’s Smart Tracker Syndicate was granted full syndicate status from the start of this year.
-
Amplify will initially cover property before moving into other lines, such as financial and professional liability and cargo.
-
The underwriter headed one of the largest hull and war books in the London market.
-
Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero.
-
Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
-
Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
-
Beazley CEO Adrian Cox told investors the carrier's cyber expectations remained “unchanged” for the year, despite predicting a slowing of growth into Q2.
-
The carrier attributed its growth to a 56% increase in its property risks and 24% increase in its cyber business in the first quarter of the year.
-
Reforms to the UK listing regime may enhance prospects of an insurance firm opting to IPO in London in future, but several broader problems, including liquidity issues, will also affect such a decision, according to industry sources.
-
The cybersecurity professional has more than 20 years’ experience.
-
The resolutions received 60.76% and 60.85% of votes, respectively, falling short of the 75% threshold needed to pass.
-
A recent rise in ransomware incidents – along with pricing deceleration, attracting capital, and the Lloyd’s cyber war exclusions – were among the hot topics at Zywave’s cyber conference in London.
-
The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.
-
Details on Beazley’s cyber war product are yet to come to light, but there are questions outstanding on event definition, wordings and whether the market will follow.
-
The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March.
-
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.
-
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.
-
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.
-
Former leader Catherina MacCabe is to retire.
-
Fiona Muldoon and Cecilia Reyes will both become members of the audit and risk committee.
-
The InsurTech has hired Adam Glasby as programme manager, as part of wider efforts to scale up with tech talent drawn from the Lloyd’s and London marketplaces.
-
Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
-
The analyst firm estimated more than 60% growth in Beazley’s cyber portfolio in 2022
-
Beazley’s pioneering new Syndicate 4321 uses ESG ratings to provide additional capacity for clients, but it will play a broader, strategic role for the carrier.
-
The carrier highlighted in its Q1 results this morning that it had $50mn exposure net of reinsurance to the war in Ukraine.
-
Doubling rates in cyber led the carrier to grow its cyber and executive risk premium by 47%.
-
Business leaders surveyed by Beazley said they were increasingly worried about war risk in particular, prior to the Ukraine conflict.
-
With the Lloyd’s Lab in its fourth year and poised to welcome cohort eight to its incubator, Insurance Insider examines its impact so far.
-
Christian Taube will be responsible for developing Beazley’s cyber risk management and incident response functions.
-
Greenwood, Bantick, Turner and Montminy will head up the new divisions.
-
The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.
-
The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
-
Beazley’s head of specialty lines James Eaton will retire at the end of 2022 after 16 years at the carrier.
-
Beazley’s Smart Tracker syndicate also reported a 49% increase in GWP to $198.2mn as the company pushed ahead with top-line growth across the board.
-
Gross premiums written increased by 30% to $4.6bn for 2021. The biggest growth was seen in cyber and risk and market facilities, which both increased by 48.6%.
-
Over the last 12 months, three of the four London-listed companies have drastically underperformed their US-listed and Continental European peers.
-
Sources have told Insurance Insider that the majority of Beazley’s planned income is driven by rate increase, with limited new business.
-
Spring Partners said the new underwriting capacity and product launch were part of its London market growth plans.
-
A total of 12 managing agents control £1bn or more of capacity, analysis shows.
-
Beazley tried to recover $6.5mn in claim costs from Prime on a policy which it led.
-
The significant increase in planned premium will be interpreted as a vote of confidence in the low-cost, follow-only model from Lloyd’s.
-
The CEO warned that data and analytics were beginning to “park their tanks on our underwriting lawn”.
-
Beazley’s capital position “remains strong and within the preferred range contemplating all the loss activity to date”, according to Beazley CEO Adrian Cox, speaking during a Q3 earnings call with investors.
-
The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.
-
Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
-
Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.
-
Simon Wilson will join Beazley from Hiscox in mid-January and be based in London.
-
Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.
-
John Brown will be joining former colleague Simon Jackson at the ERS-owned syndicate.
-
The company said the transatlantic appointment reflected the carrier’s commitment to expand in the US.
-
The carrier has been reshaping its senior leadership team since Adrian Cox took on the helm of CEO.
-
The former international manager of breach response services will step into a newly created role.
-
Plus all the highlights from the Reconnect conference and the week’s top news.
-
In a wide-ranging interview with this publication, the CEO also outlined how he would “reestablish the investment thesis” for the firm after missteps in 2020.
-
The Week in 90 Seconds: Cyber hardening; Lloyd’s modernisation; Ardonagh re-fi; business travel pollPlus the latest on pandemic BI payments and all the top news from the week.
-
QBE, Argenta and Blenheim syndicates also plan significant growth to capitalise on market conditions.
-
The specialty insurer has brought in the underwriter following the departure of Kristen Dauphinais at the end of May.
-
Despite a somewhat mixed outlook, UK listed carriers London players say they are still leaning into growth.
-
The carrier said on business written since the autumn, cyber claims frequency was 20% lower by policy count.
-
The London-listed carrier reported growth and positive rate movement in all seven of its business segments.
-
Analysts believe 2021 will be a “transition year” for Hiscox, Beazley and Lancashire.
-
Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.
-
Beazley has undergone a shake-up in its management following the departure of Andrew Horton.
-
Former Western Union CFO to be based in the US, one of Beazley’s ‘largest markets’.
-
The analyst says Hiscox must convince investors of a retail bounce-back, while Lancashire’s attritional loss ratio is key to better trading.
-
he consortium and follow-only SIAB a targeted for a 1 January 2022 launch.
-
A smattering of data points and commentary from Q1 analyst calls shows that turnaround efforts are bearing some fruit.
-
The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
-
All seven market segments achieve rate expansion, though property momentum eases from a year earlier.
-
Sources say the pipeline operator has at least $15mn in cyber insurance cover.
-
The hires are the latest in an Aquiline Capital and Abry Partners-backed diversification effort.
-
Beazley is one of the leading players in property D&F business in London, writing a global book with a US focus.
-
The $350mn follow-capacity solution will cover cargo, specie, terror, financial products, healthcare and marine.
-
Underwriters and brokers are competing for talent amid hard market conditions in the class of business.
-
Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
-
He will receive a basic salary of £507,500, with a bonus capped at 400% of salary and 12.5% pension contributions.
-
Adrian Cox is respected for his underwriting talent, but his biggest challenge will be making the CEO role his own.
-
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?
-
Peel Hunt and Jefferies analysts are reassured by calibre of the outgoing CEO’s internal replacement.
-
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.
-
Beazley has rebuilt its contingency team after large losses and a number of senior underwriter departures.
-
The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
-
Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season.
-
RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
-
Both non-executive directors will leave after the AGM in March.
-
Pressure is growing from Lloyd’s underwriters on A&H coverholders, which often attract high commissions.
-
The carrier becomes the latest to review policies in order to manage exposures.
-
The senior appointment follows large contingency losses at Beazley and a string of personnel departures.
-
The goods-focused pact includes a joint declaration on financial services, though crunch issues have yet to be resolved.
-
Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
-
The carrier says ransomware incidents are now more likely to include a threat to release stolen data.
-
There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
-
The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
-
The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
-
With rate increases potentially falling short of rising loss costs, who will drive the changes needed in cyber?
-
The Beazley CEO also revealed plans to buy more reinsurance for FI and D&O.
-
The firm is one of a few carriers writing cyber for municipalities and townships in the US.
-
The carrier has recently lost executives including contingency chief Chris Rackliffe and racked up significant losses in the class.
-
Analyst Philip Kett suggested that the carrier has "adequate but not comfortable levels of capital".
-
The carrier probably won’t be the last to flag additional losses from events cancellation.
-
Contingency losses will result in a total loss and an increased renewal cost.
-
Positive news on rates fails to offset the disclosure of steep contingency-related losses.
-
The figure is double the estimate published by the carrier in July.
-
Hiscox’s 90% projected CoR should prompt further thought at Lloyd’s on moving to a growth paradigm.
-
Commentary from Beazley and Lancashire also flags challenges on volumes, interest rates and recessionary claims.
-
CEO Andrew Horton stands by a previous $170mn estimate for Covid-19 claims, excluding liability lines.
-
The carrier reports stronger than expected GWP growth and renewal rates expansion of 11%.
-
The start-up Sequitur has initiated talks with around half a dozen other potential launch partners.
-
The executive returns to underwriting after three years at the broker.
-
Fidelis has hired Emily Clapham from Beazley as it makes its entry into the contingency market, according to sister publication Insurance Insider.
-
The carrier follows Convex into the distressed market, where rates are expected to soar after damaging Covid-19 losses.
-
The appointments are effective 1 July.
-
The success of remote working is prompting businesses to rethink how the London market will operate post lockdown.
-
The carrier will underwrite policies for entrants to new media, such as bloggers, vloggers and social influencers.
-
Cyber incidents involving manufacturers jumped by 156 percent, according to the study.
-
Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
-
Jefferies note also reveals the carrier’s post-Covid growth strategy.
-
The lawsuit builds on prior findings by the state’s Supreme Court that coronavirus is a natural disaster.
-
Beazley stock rises more than 9 percent following its issue.
-
The syndicate would use a concept for automated placement developed by the former CTMA CEO.
-
The firm sold 78.5 million shares at 315 pence to support expansion and bolster its balance sheet.
-
CUO Adrian Cox takes the largest slice among management as the (re)insurer equips itself for expansion.
-
The carrier opts not to pay a dividend for the six months ending 30 June.
-
The carrier appoints two underwriters in London and expands its capability in Germany, Singapore and Denver.
-
Florian Beerli, Angela Ives, Jae Park and Alex Marti join the carrier from Chubb.
-
Uncertainty about future mass gatherings has reduced the number of clients coming to the market.
-
In an earlier-than-expected trading update, Beazley estimates net $170mn exposure to the pandemic, excluding liability lines.
-
In an earlier-than-scheduled Q1 trading update Beazley says premiums rose 13 percent, while rates climbed 8 percent.
-
The entity will provide reinsurance for its syndicates across financial lines, cyber, political risk, terrorism and marine.
-
The incoming chief will take the helm of the recently created unit in July.
-
Shares in peers Lancashire and Beazley also registered losses during trading.
-
First-quartile syndicates grow while wider market remains constrained.
-
At least one insurer, Chubb, has paused quoting casualty cover for new healthcare clients.
-
Kate Markham takes over from Aon’s Richard Dudley, who was recently appointed Liiba chair.
-
Global healthcare claims leader Steven Chang becomes global head of complex claims.
-
AIG marked a third straight day of stock price losses, ending at $18.78 per share.
-
The Beazley CEO says bad behaviour in the London market still needs to be “called out and stamped out”.
-
The Beazley CEO says Lloyd’s could implement reforms in short order to make risk syndication more efficient.
-
No early indication that reinsurance pricing is catching up with insurance rate acceleration.
-
Property, aviation and marine cargo were among the fastest risers.
-
The carrier said rates were not responding adequately to claims and loss creep.
-
The carrier predicts 2020 underwriting profitability and below-average reserve releases.
-
(Re)insurance executives gathered in EC3 this week for the Insider London conference.
-
Delegates were told that the industry needs to adapt to the changing global outlook.
-
The Beazley chief says social inflation is not a new phenomenon.
-
The equity research firm said Beazley and Hiscox would be challenged by their casualty exposure.
-
The decision does not affect the carrier’s main London market marine offering.
-
The reinsurance partnership would support the expansion of Beazley’s fast-growing affirmative cyber book.
-
Hiscox outpaces the FTSE 100, while Lancashire and Beazley fail to match the FTSE 250 growth.
-
Kamran Hossain rates the stock “outperform” rather than a “top pick”.
-
The partnership, which offered a $100mn line size, will no longer accept new business.
-
Analyst Philip Kett says the carrier has already recognised a large amount of required reserving linked to its US casualty book.
-
Canaccord Genuity now expects Beazley’s earnings to be 25 percent lower than its previous forecast this year.
-
The carrier pegs recent nat cat exposure at less than half Hiscox’s reserves estimate for the event, while rate growth quickens.
-
The carrier forecasts a combined ratio range of 100 percent to 102 percent, based on normalised claims.
-
The broker is working his notice before joining Beazley, and will be replaced by Shaunna Batabyal.
-
Matthew Westhoff joins from Berkshire Hathaway Specialty Insurance.
-
The carrier has been working with Pegasus since January to distribute its financial lines products.
-
The products include the insurer’s Breach Response cyber cover for SMEs.
-
Will Roscoe is taking on the newly created role, having been with the firm since 2011.
Most Recent
-
Coles joins Parsyl as head of capital
16 May 2024 -
Swiss Re books $100mn Baltimore bridge loss
16 May 2024 -
Zurich Q1 P&C premiums up 5% to $12.6bn
16 May 2024