Beazley, the London headquartered specialty insurance and reinsurance company, has made a significant commitment to the Bermuda marketplace with the deployment of $500 million of capital to establish a new platform on the island to drive growth and expansion into the alternative risk transfer market, including ILS opportunities.Beazley announced its third quarter trading update this morning, highlighting an improvement in its combined ratio guidance for the full-year and a focus on underwriting discipline as premium rates declined 4% on renewal business.Adrian Cox, Chief Executive Officer, commented, “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.” The undiscounted combined ratio guidance has been reduced to the low 80’s, while Beazley also reported written premium growth of 1% and earned premium growth of 4% for the quarter.Most notable though for our readership is the establishment and launch of a new Bermuda underwriting platform.This has been in the works for a while, with a UK entity named Beazley Bermuda Holdings Limited having been registered in October 2025, while Bermuda entity Beazley Bermuda Insurance Limited was also registered that month and Beazley Bermuda Services Ltd.

was registered in November.US $500 million in capital has been deployed by the company to launch the new Beazley Bermuda underwriting and servicing platform, which remains subject to regulatory approval at this time.The Bermuda platform is expected to drive growth for Beazley from 2026 onward, the company explained.

CEO Adrian Cox further explained, “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.” Beazley has confirmed to us exclusively that this will involve an insurance-linked securities angle, as the definition of alternative risk transfer is said to include ILS-related activities, structured reinsurance and captives business in Bermuda.

Later, the company’s CEO said .Group Chief Underwriting Officer Paul Bantick told us, “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.” From this we assume Beazley has a plan to leverage its new Bermuda platform to make greater use of institutional third-party reinsurance capital within its business, utilising ILS structures as one way to access it.The company further said in its trading statement this morning, “We have been developing our business model to be able to take advantage of new and evolving areas, which we see as having attractive long term growth potential.Part of this is planned investment of $500m of capital to establish a presence in Bermuda.” Further details are not available at this time.

But it is clear that Beazley sees Bermuda as an attractive marketplace to expand its business operations through, with alternative risk opportunities and ILS-related third-party capital viewed as ways to diversify its operational base to derive incremental income.The ILS angle to the new Bermuda operation that Beazley has confirmed to us is intriguing, likely showing the company sees an opportunity to leverage its deep underwriting expertise to partner with third-party capital investors.Beazley already utilises third-party capital through its London market and Lloyd’s underwriting entities, as well as , so an expansion to Bermuda and a more distinct focus on leveraging ILS capital from there is a natural progression for the company.

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