Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates

Specialty insurer Beazley announced the launch of a cyber consortium that provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market.

Called Beazley Quantum, the consortium is led by Beazley’s market-leading cyber underwriting and claims handling teams and is available on the Global Wholesale platform via Lloyd’s, Beazley said.

A Beazley representative said the cover is offered globally.

“As a leader in the cyber space, we have steadfastly taken strategic steps to build a thriving and sustainable cyber insurance market,” commented Paul Bantick, chief underwriting officer, Beazley, in a statement. “With the launch of Beazley Quantum, we are directly addressing the needs of large corporates and delivering much needed additional capacity to these businesses that are in the front-line of the cyber threat.”

London-based Beazley plc is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America, and Asia. Beazley manages six Lloyd’s syndicates and, in 2023, underwrote gross premiums worldwide of $5,601.4million. All Lloyd’s syndicates are rated A by A.M. Best. Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is “A” rated by A.M. Best and “A+” by Fitch.

Source: Beazley