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Beazley Bermuda buildup expands property treaty and cyber ILS focus
Beazley said it has exceeded initial property treaty underwriting targets since starting underwriting from 1 April, and plans to add alternative risk transfer and mortgage indemnity capabilities in the second half of 2026.
Beazley is stepping up its Bermuda expansion, with the company saying its investment in the newly established operation is proceeding at pace and that the build out is centered on cyber insurance-linked securities (ILS). In comments accompanying its Beazley half-year 2026 results, CEO Adrian Cox outlined growth oriented plans for the island, including a planned joint venture with an established ILS manager.
Cox said Beazley has moved beyond setup and into underwriting, noting that from 1 April it began underwriting property treaty business in Bermuda and has exceeded its initial underwriting targets. He also said the parametric team will join the Bermuda team onshore during the summer to develop a broad, global book of business.
On the cyber ILS front, the CEO said the Bermuda platform is intended to drive innovation in cyber, and that plans for a cyber ILS fund were originally targeted for later in 2026. Cox indicated the fund plans are well underway, with more details likely later in the year.
Beazley also said its captives and mortgage indemnity build out is on track to gather pace as it moves through the second half of 2026. The company cautioned that it sees the cyber insurance market as irrationally competitive, contributing to slightly lower revenues in the half-year, and flagged concerns related to artificial intelligence.