Cyber insurance carriers rewarming to market in Q3: Beazley CEO

The cyber market is witnessing an uptick in capacity as existing players show a willingness to put more capacity to market, the CEO of specialist insurer  Beazley has said.

“We’ve been seeing the market open up a little bit on cyber,” Beazley CEO Adrian Cox told his company’s Q3 earnings call.

“Not new money to the marketplace, but the existing carriers are also being a bit more positive about cyber than they were in the first quarter,” he said.

Cyber rates have moderated in Q3, but remain “significant,” a nice match for Beazley’s declared continued decline in ransomware frequency.

“We are still getting rate increases,” Cox told analysts participating in the call. Cyber rates have moderated, but they are still significant.”

Beazley reported rate increases for cyber risk at 51% in its Q3 trading statement out pre-session, but said that new business opportunities had put more exposure on the book and secured premium growth of 66%.

“We expect continued growth into 2023 and beyond,” Beazley said in its earnings statement.

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