Beazley Group

Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia, the Middle East and Australia. Beazley Group began life in 1986 as Beazley, Furlonge & Hiscox, which was bought out by Andrew Beazley and Nicholas Furlonge in 1992.

Beazley’s business is divided into six operating divisions: life, accident & health, marine, political risks & contingency, property, reinsurance and specialty lines, and Cyber and Executive Risk.

Through the Lloyd's broker network and the market's trading licenses, Beazley are able to access a wide range of insurance and reinsurance businesses from around the world. In 2017, the company underwrote gross worldwide premiums of $2,343.8million, up from $2,195.6 million in 2016.

In the US, their underwriters handle specialist insurance products, backed by Beazley Insurance Company, Inc., a licensed P&C carrier covering all 50 states. Over three decades Beazley has evolved from a specialist Lloyd's syndicate transacting business at Lloyd's in London to a global insurer with offices across the globe.

Beazley is currently expanding its presence in Asia-Pacific, developing new solutions in cyber & technology, accident & health, M&A and specialty treaty. The company first established its Singapore hub in 2006, and already offers a range of products in the area, including property, marine, financial lines and more.

In 2019 the company launched site lender environmental asset protection (SLEAP) cover to protect banks and other lenders from pollution risks that could seriously impair the value of property used as collateral for commercial loans. In the event of both a loan default and the discovery of environmental contamination on a property, the policy will cover either the estimated clean-up costs or the loan balance, whichever is lower. The policy also pays clean-up costs for environmental contamination at properties owned by the lender as the result of a foreclosure.

In the same year, Beazley revealed it was launching a suite of cyber risk management services for international cyber policyholders to help mitigate risk. The suite includes onsite incident-response workshops, access to Beazley's risk management portal and more.

In April 2022 Beazley partnered with Cytora to leverage its platform for streamlining its risk processing, reduce manual processes and cut costs. The move will also help to accelerate Beazley's expansion plans in N. America and Europe.

During the same year in October the company announced it was partnering with Certua to provide embedded specialist insurance for small scheme and programme businesses. As part of the collaboration, Beazley will be utilising Certua’s embedded Insurance platform to enable small scheme opportunities to be underwritten in a more efficient way. 

In November 2022 the company partnered with Assureful in order to offer the industry's first usage-based liability insurance solution which is specifically targeted at e-commerce companies. The solution will be first launched in the US.

Early in January 2023 Beazley launched the first cyber catastrophe bond. The $45m private bond will pay out to Beazley if clients insurance claims from a cyber-attack exceeds $300m. The bond was created to help free up capital market investment into cyber risk and is an important step in making a future cyber insurance-linked securities market. It was structured and placed by broker Gallagher Re.

In May 2023 Beazley and global climate risk solutions platform, Arbol launched specialist parametric weather products to the US market. The product range includes low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance. Beazley stated its commitment to supporting the development of weather parametric products aimed at the agricultural supply chain.