cyber ILS fund

Artemis has learned that Beazley, the London headquartered specialty insurance and reinsurance company, has partnered with specialist insurance-linked securities investment manager Integral ILS Ltd. to establish the awaited cyber ILS fund operation in Bermuda.

Beazley’s investment in its recently established Bermuda operation continues at pace, while the company is also continuing to build-out its cyber insurance-linked securities (ILS) capabilities and joint-venture with an established ILS manager, CEO Adrian Cox said today.

The insurance and reinsurance industry is currently treating artificial intelligence (AI) as a potential “force-multiplier” for cyber losses, but the pace of development of AI and its roll-out is reshaping cyber risk in general and introduces portfolio aggregation and loss correlation risks, specialist modeller CyberCube has explained.

In announcing its results this morning, Adrian Cox, the CEO of Beazley, the London headquartered specialty insurance and reinsurance company, has stated that, when it comes to cyber insurance-linked securities the firm’s next step is to transition into securitisation and transformation of risks, with its dedicated cyber ILS fund planned for later this year.

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.

Beazley’s move to establish a new Bermuda operation is seen as “a strategic investment irrespective of the phase of the cycle” by analysts at Peel Hunt. They also highlight how this can increase access to third-party capital, in particular with the returns of the firm’s cyber underwriting expertise now set to become accessible to ILS […]

During a capital markets session with analysts this afternoon Beazley’s CEO Adrian Cox revealed that the firm’s plans to broaden into cyber insurance-linked securities (ILS) through its new Bermuda branch is actually a joint-venture with an established ILS market player with a platform on the island.

Beazley’s Chief Executive Officer Adrian Cox explained this morning that the new Bermuda platform it is launching will have a cyber insurance-linked securities focus, including a plan to launch a cyber ILS fund strategy.