Beazley restructures underwriting operations
Posted 01/04/2022 – Quick takes
Beazley has restructured its underwriting operations, reducing the number of divisions from 6 to 4, with cyber now a standalone division having previously being part of a broader Cyber and Executive Risks class.
Paul Bantick, Beazley’s global leader for cyber business will lead the ‘Cyber Risks’ division and will therefore join Beazley’s executive committee. Executive risks will be added into the ‘Specialty Risks’ division, which will be led by Bethany Greenwood, formerly head of cyber and executive risks. Former head of specialty James Eaton will support the transition until he retires at the end of the year. Tim Turner, previously head of marine , will lead the ‘MAP Risks’ division. Turner has had his remit increased to include Political, Accident and Contingency Risks (previously a standalone division) and Market facilities. Aviation business will also be written within this division. Property and treaty business will now be written in a single unit known as ‘Property Risks’, Richard Montminy will be responsible for this division, having joined Beazley in 2019 as group head of property from Zurich.
This restructure does seem to streamline the lines of reporting at Beazley in light of the latest trading conditions. Their market leading and rapidly expanding cyber book does deserve, at its current size, to be a separate division. The logical allocation of the remainder of the account into Specialty Risks (both casualty insurance and reinsurance), Property (insurance and reinsurance) and MAP Risks (Marine, Aviation, Political Risks, Contingency and Market facilities) does give very clear reporting lines across the whole business which makes good sense.