Beazley
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Staff turnover has been elevated in the energy market this year.
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The short-term disruption of relisting may be justified by the long-term benefits.
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Christine LaSala will step back from her board membership at the end of this month.
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The partnership will add more capacity on the platform from April.
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For the 2022 year of account, the updated forecast remains unchanged.
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Hiscox, Beazley and Lancashire all delivered one-off capital returns while swerving casualty issues.
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The carrier reported $1.2bn profit and 71% CoR for 2023.
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Beazley was one of the first four cyber cat bond sponsors.
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Beazley also confirmed the appointment of CFO Barbara Plucnar Jensen.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Beazley is expected to announce its year-end results on 7 March.
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The MGA previously hired Sara Valentine from Brit to launch in energy.
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Koscondy will set the global production and distribution strategy of all of Beazley’s cyber business sub-$250mn.
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Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
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Growth opportunities at Lloyd’s no longer limited to top underwriting performers, Insurance Insider’s survey shows.
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Cat losses were within budgets despite high levels of minor events.
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CEO Adrian Cox said the market has continued to soften more than Beazley initially anticipated.
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The carrier attributed growth in the division to "exceptional" conditions in the property market throughout the year.
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Brenna Westinghouse joined Beazley in 2017 after 14 years at Marsh.
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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.
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The proposals, published in July, would have placed additional reporting burdens on large UK firms.
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The carrier is looking to grow its direct underwriting capabilities, focussing on the offshore wind market.
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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.
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
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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%.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
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Sally Lake has spent 18 years at the carrier, including the last five as CFO.
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Beazley and Lancashire’s plans to launch US units exemplify wider competitive challenges that the market must overcome to thrive.
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The carrier’s before-tax profit leapt by $356mn to $547mn under the new IFRS 17 reporting standards.
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The carrier warned that if members do not back its proposals, it will continue with plans for a US E&S carrier without compensation.
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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.
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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.
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The carrier reported a 66% increase in GWP for its property business.
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The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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The revision reflects AM Best’s expectation that Beazley will maintain its risk-adjusted capitalisation "comfortably at the strongest level”.
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Staffing turmoil is ongoing in the marine market as companies vie to secure talent.
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Beazley’s Smart Tracker Syndicate was granted full syndicate status from the start of this year.
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Amplify will initially cover property before moving into other lines, such as financial and professional liability and cargo.
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The underwriter headed one of the largest hull and war books in the London market.
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Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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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.
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Beazley CEO Adrian Cox told investors the carrier's cyber expectations remained “unchanged” for the year, despite predicting a slowing of growth into Q2.
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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.
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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.
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The cybersecurity professional has more than 20 years’ experience.
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The resolutions received 60.76% and 60.85% of votes, respectively, falling short of the 75% threshold needed to pass.
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