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.
Group Chief Executive Officer Adrian Cox was referring to Beazley’s Bermuda based initiative, which the company initiated last year with a plan to deploy $500 million of capital to establish a new Bermuda platform.
The goal, with the launch of Bermuda operation, is to expand Beazley’s role in the alternative risk transfer market, including through a new start-up venture targeting cyber insurance-linked securities (ILS) opportunities.
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