At a glance
- The agency also raised the long-term issuer default ratings of Beazley plc and its Dublin subsidiary to AA- from A, removed the ratings from watch positive and assigned stable outlooks.
- Fitch cited Beazley's strategic importance to Zurich as "very important" and expects the combined specialty platform to generate business volumes of around $15 billion.
- Beazley is expanding in Bermuda, where it has set up a platform covering alternative risk transfer, cyber ILS, captives, property treaty reinsurance and other specialty business.
Fitch Ratings has upgraded Beazley Insurance's insurer financial strength rating to AA from A+, Royal Gazette Bermuda Re reported, following Zurich Insurance Group's acquisition of the insurer in a deal worth more than $10 billion. The agency also raised the long-term issuer default ratings of Beazley plc and its Dublin subsidiary to AA- from A, removed the ratings from watch positive and assigned stable outlooks.
Fitch cited Beazley's strategic importance to Zurich as "very important" and expects the combined specialty platform to generate business volumes of around $15 billion. The agency said it expects Beazley to keep operating as Zurich's specialty platform while retaining its brand and underwriting culture, which it said should support continuity in underwriting discipline, client relationships and retention of key personnel. The combination has created one of the world's largest specialty insurance businesses, according to the report.
Beazley is expanding in Bermuda, where it has set up a platform covering alternative risk transfer, cyber ILS, captives, property treaty reinsurance and other specialty business. Beazley said last year that it had earmarked $500 million for its Bermuda operation and expected the platform to generate $400 million in premium by 2030. About half of that target was expected to come from alternative risk-transfer activity.
Reported by the Insurance Credit desk from Royal Gazette Bermuda Re. Published . Corrections