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Kristof Terryn appointed CEO of Beazley and Zurich Global Specialty
The move follows Zurich’s £8.1 billion acquisition of Beazley, which the firms say will add over $1 billion in annual revenue growth by 2029.
Kristof Terryn has been appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval, after Zurich completed its purchase of Beazley for £8.1 billion. The combined specialty insurance business will be headquartered in London, according to Reinsurance News.
Terryn will take over as Adrian Cox departs Beazley as the insurer begins a new phase under Zurich ownership, the outlet reported. Terryn previously led Zurich’s Commercial Insurance business and will oversee the integration of Beazley into Zurich Global Specialty.
Zurich said the combination is designed to accelerate growth, broaden solutions for existing clients, and give Beazley underwriters access to Zurich’s distribution model and customer service teams. Zurich also projected that by 2029 the integration would generate incremental revenue growth of over $1 billion per annum, at least $150 million in combined annual cost savings, and capital synergies of at least $1 billion from one-off capital extraction within the first two years.