Beazley, the London headquartered specialty insurance and reinsurance company, has appointed its Head of Third-Party Capital initiatives Richard Gray as General Manager of Bermuda, which will see him leading its new cyber insurance-linked securities operations on the island.
Back in November 2025, Beazley revealed its plans to deploy $500 million of capital to establish a new Bermuda platform to expand in the alternative risk transfer market, including through a new start-up venture targeting insurance-linked securities (ILS) opportunities.
Specifically, those ILS opportunities are set to have a meaningful focus on transferring and sharing cyber insurance risks with capital markets investors.
Beazley CEO Adrian Cox explained at the time that the new Bermuda platform will have a cyber insurance-linked securities focus, including a plan to launch a cyber ILS fund strategy.
Cox also explained that Beazley’s Bermuda ILS plans involve a joint-venture with an established ILS market player that has a platform on the island.
With those plans now in the implementation phase, Artemis understands that Beazley’s Head of Third-Party Capital Richard Gray is set to relocate to Bermuda to take on the challenge of launching and running operations there and the new cyber ILS venture for the company.
Gray has worked at Beazley since 2023 in the role of Head of Third-Party Capital. Prior to joining the company Gray worked in investment management and advisory at a number of top financial market names.
In that time he was worked on and overseen initiatives ranging from the sponsorship of cyber catastrophe bonds and natural catastrophe bonds, as well as other structures through which Beazley shares risk and engages with third-party capital providers including its Lloyd’s syndicates.
We understand that Gray will take on the title of General Manager of Bermuda for Beazley when relocated, while retaining his Head of Third-Party Capital remit as well.
Beazley has ambitious plans for its new Bermuda operation, with the ILS angle expected to encompass offerings for investors to allocate to pure cyber risks in fund format, as well as to combined cyber and property ILS opportunities.
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