As specialist insurer Beazley announces a solid set of results for the first nine months of 2025, including a 1% year-on-year rise in insurance written premiums, the London headquartered firm has also unveiled a new Bermuda platform to support growth from 2026.
Beazley will invest $500 million to build out the new Bermuda set up, which has seen a UK holding company established called Beazley Bermuda Holdings Limited, as well as two new Bermuda entities named Beazley Bermuda Insurance Limited and Beazley Bermuda Services Ltd.
The news comes as the insurer reports insurance written premiums of $4.67 billion for 9M’25, up on the prior year’s $4.625 billion, as net insurance written premiums rose by 4% year-on-year to $3.927 billion from $3.792 billion.
In property risks, insurance written premiums increased by 2% to $1.436 billion, with a year-to-date rate decrease of 7%. In specialty risks, premiums increased by 3% to $1.437 million with a year-to-date rate increase of 1%.
MAP risks recorded a 6% rise in premiums to $763 million with a rate decrease of 1% year-to-date, while digital premiums decreased by 2% to $186 million with a rate decrease of 2%, and cyber risk premiums decreased by 8% to $848 million with a year-to-date rate decrease of 6%.
Overall, Beazley saw a 4% year-to-date rate decrease in 9M’25 when compared with the prior year period.
During 9M’25, natural catastrophe claims were well within the margins held following a below average hurricane season, and while attritional claims performed better than expected in the first half of the year, the third quarter experience “returned to a more normalised level reflecting the very active claims environment.”
Further, the company’s insurance finance income and expense was $169 million after the first nine months of the year. The insurer’s investment portfolio returned $458 million, or 3.9%, after nine months of the year, compared with $314 million, or 2.7%, a year earlier.
“Market conditions are evolving at pace across several of our lines and we’ve maintained the same disciplined approach we set out at the half year. The benefit of this discipline is clear in our upgraded combined ratio guidance, as we continue to prioritise profitability over volume. This does, however, mean that growth is running at the low end of our guidance and below the level we delivered in the first half,” said Adrian Cox, Chief Executive Officer.
“Alongside robust underwriting discipline, we have been working on a number of initiatives. A key piece of this work is our new platform in Bermuda which will support our expansion into the alternative risk transfer market. This will allow us to drive growth whilst maintaining margin by using our existing expertise to take advantage of new and evolving opportunities,” he added.
Speaking with our insurance-linked securities (ILS) focused sister publication, Artemis, Paul Bantick, Group CUO at Beazley, expanded on the new Bermuda platform.
“Entering Bermuda is something we’ve discussed for many years as a natural extension of our specialty expertise. We’ll be operational from early 2026 and expect growth to scale at pace. Our approach will be a staggered product rollout – starting with what we know best and expanding across ART, specialty re/insurance, and property reinsurance – setting us on a fast growth trajectory through 2026 and beyond,” said Bantick.
The company also confirmed that by alternative risk transfer they mean “ILS, structured reinsurance, captives.”
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