Assured Reacts: Beazley agrees to £8bn takeover by Zurich

Assured’s Head of Broking Reacts:

This proposed multibillion-pound deal is recognition of the growing heft of the cyber-insurance market. As more boardrooms prioritise coverage, specialists like Beazley have established themselves, helping customers transfer risk and proactively enhance their security posture. It’s now a world leader in cyber, in terms of branding and product speciality.

Cyber insurance is the fastest-growing sub-sector in insurance and reinsurance. We’re seeing numerous carriers discuss growth plans through M&A or global/vertical expansion, so this deal also aligns with those macro trends.

It’s ultimately good news for Assured and our customers. Beazley is a big partner for us. But Zurich clearly wants to grow and become a leader in the space. We’re impressed by the quality of its products, team, and the depth of its underwriters. Its skill sets should be complementary to Beazley’s, which will help any merger proceed more smoothly.

At the same time, industry consolidation can limit competition in the market, making specialist brokers like Assured even more important.