Kristof Terryn has been appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval, following Zurich’s £8.1bn acquisition of Beazley, creating what it describes as the world’s largest specialty insurance business.
The combined business will be headquartered in London, with Terryn taking over as Adrian Cox departs Beazley as the insurer begins a new phase under Zurich ownership.
Terryn, who previously led Zurich’s Commercial Insurance business, will oversee the integration of Beazley into Zurich’s Global Specialty operation.
Zurich said the combination of the two businesses would accelerate growth, broaden the solutions available to existing clients and give Beazley’s underwriters access to Zurich’s distribution model and customer service teams.
Mario Greco, Group Chief Executive Officer of Zurich, commented, “By 2029, the integration of Beazley will generate incremental revenue growth of over $1 billion per annum, at least $150 million of combined annual cost savings and meaningful capital synergies of at least $1 billion of one-off capital extraction within the first two years, while benefiting from greater capital efficiency across a larger and more diversified specialty business.
“London is one of the world’s leading insurance markets and has already been chosen as the natural base for our global specialty business. Zurich has been operating in the UK for more than a century, and we know the strength of the market, its talent and its role in shaping the industry’s future.
“Joining Lloyd’s of London for the first time is an important step, giving us access to a unique platform for capital, product and service innovation, specialist underwriting and global reach.”
Greco added, “We would like to thank Adrian Cox for his leadership of Beazley over many years. Kristof Terryn’s extensive experience, combined with his understanding of the specialty market and the strengths that have made Beazley successful, will now position the business for a new phase of growth.”
Zurich also announced changes to Beazley’s senior management team as the integration begins.
Helen Pickford, currently chief financial officer of Zurich UK, will become CFO of Beazley and Zurich Global Specialty. Beazley’s current group CFO, Barbara Plucnar Jensen, will remain involved in the integration as a senior adviser until March 2027.
Sally Henderson has been appointed chief people and sustainability officer for Beazley and Zurich Global Specialty, succeeding Liz Ashford, who is retiring.
Ed Bridge, formerly general counsel for Zurich UK and Ireland, will become general counsel for Beazley and Zurich Global Specialty.
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