London, 3 March 2021
Beazley plc - Directorate Change
This announcement contains inside information
Beazley plc ("Beazley", the "Company", the "Group") announces that Andrew Horton has informed the Board of his intention to leave the Company to become the Group Chief Executive Officer ("CEO") of QBE Insurance Group Limited in Australia. Andrew Horton will remain with Beazley until 31 March 2021 and is not expected to take up his new role until 1 September 2021.
Beazley is pleased to announce that Adrian Cox has been appointed as the CEO, effective 1 April 2021. Adrian has been with Beazley for 20 years, most recently as Chief Underwriting Officer ("CUO") and has over 25 years' of industry experience. Adrian has been a member of the Beazley plc Board since 2010.
Following Adrian's appointment, Bethany Greenwood will be the interim CUO of long tail underwriting (Cyber and Executive Risk and Specialty Lines) and Tim Turner will be the interim CUO of short tail underwriting (Marine, Market Facilities, Political, Accident and Contingency, Property and Treaty). These responsibilities will be in addition to their current roles, whilst we conduct the process to appoint a new CUO.
We reported our 2020 results on 5 February 2021. Beazley continues to trade in line with the Board's expectations and anticipates double digit revenue growth in 2021, with a combined ratio in the low nineties. Beazley will update the market on its Q1 trading on 13 May 2021.
David Roberts, Chairman commented:
"On behalf of the whole Board, I would like to thank Andrew for his leadership and outstanding contribution to Beazley, in particular as CEO, a position he has held since 2008. He has overseen the expansion of Beazley over this period, and leaves it in a strong position operationally and financially. We wish Andrew well in his new role.
We are pleased that Adrian Cox has agreed to become our new CEO. Adrian has an outstanding track record within Beazley, spending time in both the US and the UK, and the Board is confident that under his leadership, Beazley will continue to go from strength to strength. Adrian's appointment provides continuity in Beazley's leadership team and strategic direction. This ensures that we will continue delivering for our people, our clients and our shareholders in the years to come."
Adrian Cox commented:
"I am delighted to be appointed CEO of Beazley. Our Group has a long and successful track record, built on the experience and expertise of our people, our innovation and a prudent approach to managing our balance sheet. I am excited about the opportunities ahead and the chance to build on our proven and successful business model in the years to come."
Andrew Horton said:
"I have every confidence in Adrian as my successor and believe he is the best person to lead the Company going forward. Adrian is exceptionally well placed to undertake the role, having held a variety of positions during his tenure at the Company, providing him with the required depth and breadth of knowledge. I am pleased to be leaving the Group in such capable hands and I wish Adrian and the whole Beazley team all the best for the future."
The person responsible for releasing this announcement is Christine Oldridge (Company Secretary).
For further information, please contact:
Finsbury Glover Hering - [email protected] / 020 7251 3801
Note to editors:
Beazley plc (BEZ.L), 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 2020, underwrote gross premiums worldwide of $3,563.8 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
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.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber liability, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com