New Beazley Bermuda platform sets $200m target

Beazley is targeting captive and ILS premium volume of $200 million by 2030 within its new Bermuda platform.

The London market carrier has announced plans to invest $500 million to build out the Bermuda platform from 2026 onwards, subject to regulatory approval.

As well as captive and ILS services, the platform will also offer property reinsurance, specialty reinsurance and other specialty insurance.

Beazley anticipates the entire Bermuda platform will be writing around $400 million in premium by 2030, making the alternative risk transfer offering of captives and ILS core to the project.

In its Capital Markets Day presentation, captives were described as “a growing and attractive” opportunity for Beazley, offering “long term growth opportunities.”

The group stated that its presence in Bermuda would complement its existing capability to place business with captives across multiple platforms, including in wholesale and Europe.

They added the carrier’s experience writing large corporate and multinational complex risks would be relevant to captives with similar risk profiles, and that it has an existing range of solutions to build upon, including parametric and structured solution offerings, plus market leading capability in cyber.

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