Beazley raises £350m as it eyes cyber push
Beazley has raised £350m as it flagged plans to accelerate growth in cyber and specialty business.
The placement completed today has added nearly 10% to the insurer’s issued share capital.
Ahead of the raise Beazley cited “market dislocation” in certain insurance classes as an opportunity to push ahead and deliver “outsized returns”.
On cyber the provider noted that “rates remain high, and demand continues to outweigh supply with significant barriers to entry for new carriers”.
According to Marsh, cyber pricing in the UK eased in the third quarter. However while the year-on-year rise was
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