Beazley updates underwriting divisions in support of ‘bold’ growth ambitions

London market insurance firm Beazley has updated the structure of its underwriting team to support its growth targets, by creating four new underwriting divisions - these include specialty risks, cyber risks, MAP risks and property risks.

Beazley aims for these four divisions to be interconnected, able to operate at scale, generate efficiencies and help deliver innovation to benefit Beazley’s clients and brokers.

Speaking on the changes, Adrian Cox, Beazley’s chief executive, said: “We have bold ambitions to grow our business across all key business lines and the changes we are announcing position us to seize opportunities both now and in the future.

“The senior leaders of these new divisions are renowned experts in their fields and I would like to thank them and the whole Beazley team for their continued dedication to achieving our goals.”

Underwriting divisions

Heading up the new specialty risks division is Beazley’s interim group chief underwriting officer for its long tail business Bethany Greenwood.

She joined the business back in 2019 as head of executive risks, before being promoted in 2020 to group head of cyber and executive risks. Prior to Beazley, Greenwood - who has two decades of experience in financial and specialty lines - was a broker at Marsh.

The new specialty risks division will combine Beazley’s existing executive risks, M&A and specialty lines. 

James Eaton, who currently heads up the insurer’s speciality lines, will support the new division ahead of his retirement in December 2022.

Cyber risks, however, will operate as a new standalone division, emphasising the fact it is a core product area for Beazley.

This will be led by Paul Bantick, currently global head of the insurer’s cyber and technology team. Bantick will also join Beazley’s executive committee.

Bantick, who has 20 years of underwriting and broking experience, has worked at firms such as Wellington Underwriting and Willis Towers Watson.

Doing the right thing

Beazley’s new MAP risks division, meanwhile, will bring together the insurer’s current political, contingency, marine and aviation teams. The division will be led by Tim Turner, interim chief underwriting officer for short tail business.

Turner, who has more than 20 years of experience in the maritime industry, joined Beazley in 1998. He then became a member of the executive committee in November 2018, as group head of marine. He was the former deputy chair of Lloyd’s joint war committee.

The last of Beazley’s new divisions - property risks - aims to align the insurer’s property and treaty reinsurance lines under the leadership of Richard Montminy, global head of property.

Montminy started at Beazley in 2019, joining from Zurich North America. He has also worked at Marsh and FM Global.

Cox continued: “We operate in an uncertain and complex risk environment and it is our responsibility to do the right thing, supporting our clients by offering relevant insurance solutions and capacity, matched by first-rate risk management and loss prevention strategies.”