Cyber risks: Cyber is a core product area for Beazley, and the company has plans for significant growth in the sector. The division was created to support this growth and further integrate the cyber risk management and pre-underwriting ecosystem that Beazley has built in recent years. Paul Bantick (pictured below) will lead the cyber risk division.
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MAP risks: Political, emergency, maritime and air risks are increasingly interconnected, Beazley said. To meet this challenge, the company created a new MAP Risk Division to provide comprehensive risk management solutions. The division will be led by Tim Turner (pictured below).
Real estate risks: Climate change is changing the nature of real estate risk, requiring a decommodified approach to underwriting, Beazley said. The new Property Risk Division brings together Beazley’s property and treaty underwriting businesses, enabling the insurer to leverage future data tools and modeling techniques to develop the expertise needed to underwrite effectively address risk as it evolves. The division will be led by Richard Montminy (pictured below).
“We have bold ambitions to grow our business in all key business areas, and the changes we are announcing today position us to seize opportunities both now and in the future,” said the CEO of Beazley, Adrian Cox. “We operate in an uncertain and complex risk environment, and it is our responsibility to do the right thing, helping our clients navigate through it by delivering relevant insurance solutions and capabilities, backed by strategies. best-in-class risk management and loss prevention.
“The senior leaders of these new divisions are renowned experts in their fields, and I would like to thank them and the entire Beazley team for their continued dedication to achieving our goals.”