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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope. -
The increase mainly stemmed from an influx of personal property claims.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The senior broker joined the firm in 2018 after a long career at Willis Re.
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The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal.
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The Californian insurer secured approximately $50mn of additional excess reinsurance limit for residential and commercial earthquake insurance markets.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.
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Key themes of the renewal that resonated across the ILS investor base include the elevation of attachment points, though lack of take-up of named perils coverage may disappoint some.
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The broker said the renewal had been “gruelling” for cedants.
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The broker said this was not yet a settled market as work remained underway.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
