Beazley has restructured its underwriting team with the creation of four new divisions: Specialty Risks, Cyber Risks, MAP Risks and Property Risks. The divisions will be interconnected, able to operate at scale, and will generate efficiencies and deliver innovation that will benefit Beazley’s clients and brokers, the company said in a statement.
Specialty Risks—created with the merger of Executive Risks, M&A and Specialty Lines. The new division will be led by Bethany Greenwood. James Eaton will support the transition in advance of his announced retirement in December 2022.
Cyber Risks—now a standalone division headed by Paul Bantick, who joins Beazley’s executive committee.
MAP Risks—brings together Beazley’s Political, Accident and Contingency, Market Facilities, Marine and Aviation businesses and will be headed by Tim Turner.
Property Risks—sees the alignment of Beazley’s Property and Treaty Reinsurance underwriting, allowing Beazley to leverage data tools, future modeling techniques and build the expertise needed to effectively underwrite climate change risk as it evolves. The division will be led by Richard Montminy.
Adrian Cox, CEO of Beazley said: “We have bold ambitions to grow our business across all key business lines and the changes we are announcing today position us to seize the opportunities both now and in the future. We operate in an uncertain and complex risk environment, and it is our responsibility to do the right thing, supporting our clients to navigate through by offering relevant insurance solutions and capacity, matched by first-rate risk management and loss prevention strategies. The senior leaders of these new divisions are renowned experts in their fields, and I would like to thank them and the whole Beazley team for their continued dedication to achieving our goals.”
Bethany Greenwood, global head of Specialty Risks, has more than two decades of experience in financial and specialty lines. As a broker with Marsh, she rose to head the FINPRO team in the West Zone. Joining Beazley in 2019 as head of Executive Risks, she was promoted to group head of Cyber and Executive Risks in 2020 and in 2021 served as interim group CUO for long-tail business.
Paul Bantick, global head of Cyber Risks, is a 20-plus-year industry veteran. Starting at Wellington Underwriting, he rose to an executive director position at Willis Towers Watson before joining Beazley in 2005 to underwrite privacy and security risks. He was promoted to focus group leader Cyber and Technology in 2007 and global head of Cyber in 2020.
Tim Turner, global head of MAP Risks, has over 20 years’ experience in the maritime industry and is an experienced Hull & War underwriter and a former deputy chair of Lloyd’s Joint War Committee. He has been with Beazley since 1998, joining the executive committee in 2018 as group head of Marine. In 2021, he served as interim CUO for short-tail business.
Richard Montminy, global head of Property Risks, has more than three decades of experience in the commercial property insurance market. He joined Beazley in 2019 from Zurich North America, where he was head of property for the U.S. commercial insurance operation. Before that, he held a variety of broking and leadership roles at Marsh and what is now FM Global.