Beazley
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”. -
The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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Paul Bantick will continue to oversee the cyber risks division during the search for his successor.
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The deal is offering a multiple of 11.3x on the expected loss.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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The bond is offering a spread range of 950-1,050 basis points.
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The insurer currently has $300mn of reinsurance limit from cyber cat bonds.
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The carrier estimates the total industry loss for the Microsoft/CrowdStrike outage at around $1bn-$2bn.
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The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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The 2024 winners were celebrated at The HAC in London on 27 June.
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The partnership will add more capacity on the platform from April.
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