Beazley has made a significant move by appointing Lindsay Shipper as the new head of commercial property for North America. This change will take effect on April 1, 2025. Shipper will be working out of Atlanta, Georgia, and will report directly to Richard Montminy, who oversees property risks for the group.
Lindsay Shipper brings nearly 20 years of experience in the property market to her new role. She has a strong background in brokerage and previously worked at Marsh for 16 years. During her time there, she held several senior positions, most recently as managing director and Southeast Zone property leader.
Beazley is expanding its reach in the specialty property market, especially within the US excess and surplus sector. The company is also looking to grow its property underwriting capabilities in Europe. However, this expansion has not come without challenges. Beazley has faced financial setbacks due to significant natural disasters, including Hurricanes Helene and Milton, which resulted in estimated losses of $125 million to $175 million.
Despite these difficulties, Beazley remains optimistic. The company expects to maintain a combined ratio of around 80% for the full year, suggesting that it will stay profitable. In 2024, Beazley reported a strong performance with a combined ratio of 79%, even amidst an active hurricane season and a global cyber event. The company achieved a record profit before tax of $1.423 billion, a 13% increase from the previous year. Its total insurance written premiums rose by 10% to reach $6.164 billion.
In addition to its property segment, Beazley is also enhancing its cyber operations, recently appointing Alessandro Lezzi as the group head of cyber risks. This strategic move reflects the company’s commitment to strengthening its position in the insurance market.