Beazley
-
The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential. -
CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
-
The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
-
Paul Bantick will continue to oversee the cyber risks division during the search for his successor.
-
The deal is offering a multiple of 11.3x on the expected loss.
-
The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
-
The bond is offering a spread range of 950-1,050 basis points.
-
The insurer currently has $300mn of reinsurance limit from cyber cat bonds.
-
The carrier estimates the total industry loss for the Microsoft/CrowdStrike outage at around $1bn-$2bn.
-
The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
-
The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
-
The 2024 winners were celebrated at The HAC in London on 27 June.
