Beazley

The insurer said it received “significant investor interest in building out additional tranches” since launching the market’s first cyber bond in January.

Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.

Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.

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.

She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.

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.

Business will be written directly into Syndicate 5623 from 1 January 2023.

The insurer said it believed climate change was making property risk less commoditised and more complex.

Beazley’s own in-house ESG goals were put under as much scrutiny by its third-party capital providers as its underwriting strategies when the insurer launched ESG-focused Syndicate 4321 at the start of this year.