Charting - Beazley Group

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Beazley plc Annual report and accounts 2015Chartingour course

BeazleyAnnual report 2015www.beazley.comCharting our courseCharting the right course in today’sinsurance market is becoming increasinglychallenging. In 2015, the course chartedby Beazley enabled the company to growwhile continuing to generate strong profitsfor shareholders.Part of our growth derived from newproducts, two of which are referencedin our cover illustration. We beganunderwriting satellite insurance in 2014and insurance for pleasure craft in 2015.Profit before income tax 284.0m(2014: 261.9m)Find out more on page 113Combined ratio87%(2014: 89%)Find out more on page 140Return on equity19%Strategic reportIFC Our business model and strategyOur key performance indicators01 Our key differentiators02 Entrepreneurial spirit04 Strong partnerships06 Diversified business10 The moment of truth12 30 years of profitable growth14 Chairman’s statement16 Chief executive’s statement20 Q&A with the chief executive22 Chief underwriting officer’s report24 Performance by division26 Life, accident & health28 Marine30 Political risks & contingency32 Property34 Reinsurance36 Specialty lines38 Financial review38 Group performance44 Balance sheet management46 Capital structure49 Operational update52 Risk management58 Responsible business64 Directors’ reportGovernance6970727383Letter from our chairmanBoard of directorsInvestor relationsStatement of corporate governanceLetter from the chairman of theremuneration committee85 Directors’ remuneration report107 Statement of directors’ responsibilities108 Independent auditor’s reportFinancial statements113 Consolidated statement of profit or loss114 Statement of comprehensive income115 Statement of changes in equity116 Statements of financial position117 Statements of cash flows118 Notes to the financial statements177 Glossary(2014: 17%)Please turn overleaf forour business model and strategy,and our key performance indicators

BeazleyAnnual report 2015www.beazley.comOur business model and strategyOur business modelOur strategyReconfirmed annually through Our strategy is directedthe business planning process,towards the achievementour business model is as follows: of our vision, which is tobecome, and be recognised Beazley is a specialist insurer.as, the highest performingWe have a targeted product set,specialist insurer. To this end,largely in commercial lines ofour strategy comprises:business, and underwrite eachrisk on its own merits We employ highly skilled,experienced and specialistunderwriters and claimsmanagers We tend to write cappedliabilities Prudent capital allocationto achieve a well diversifiedportfolio that is resistant toshocks in any individual lineof business The creation of an environmentin which talented individualswith entrepreneurial spirit canbuild successful businessesRisksGiven the nature of Beazley’sbusiness, the key risks that impactfinancial performance arise frominsurance activities and fall intothe following categories: Market cycle risk:The risk of systematic mispricingof the medium tailed specialty linesbusiness which could arise due to achange in the US tort environment,changes to the supply and demandof capital, and companies usingincomplete data to make decisions Natural catastrophe risk:The risk of one large event causedby nature affecting a number ofpolicies and therefore giving rise tomultiple losses. Given Beazley’s riskprofile, this could be a hurricane,major windstorm or earthquake We operate through specificinsurance hubs rather thanseeking a local presence in every The ability to scale ouroperations to ensure that clientcountry in which we do businessand broker service keep pace We transact business throughand, wherever possible, improvebrokers and work with selected Non natural catastrophe risk:as the company growsmanaging general agencies andThis risk is similar to naturalmanaging general underwriters Consistent investment incatastrophe risk except thatproduct innovations to provideto improve distribution inmultiple losses arise from onebetter products and services tospecialist nichesevent caused by mankind. Givenimprove our clients’ risk transferBeazley’s risk profile, examplesinclude a coordinated cyber attack,an act of terrorism, an act of war,or a political event Reserve risk:The risk that the reserves put asidefor claims to be settled in the futureturn out to be insufficientOur approach to managingthese and other risks is describedin detail on page 52

BeazleyAnnual report 2015www.beazley.comOur key performance indicatorsKPIsFinancial 0217.518.218.7248.3 0132014020152,080.942.425.82,021.852.4Gross premiums written ( m)17.81,970.23002502001501005001,896.9Net assets per share (c)60504030201001,712.5Earnings per share (c)20112012201320142015IntangibleEPS is at 1.1x total dividend cover for 2015.Net assets per share growth reflective ofincreased profit after tax.Growth of 3% in 2015 and 22% since 2011.Dividends per share (p)Return on equity (%)Combined ratio .18.82013Interim and second interim11.89.318.49.9201420152117194010502011Find out more on page 11237629138532062012201320142015SpecialThe second interim dividend in 2015 is in linewith our dividend strategy and has grown by 6%.In addition we are paying a special dividendof 18.4p.609902011Claims ratioCumulative five year return on equity of 82%.2012848987394540493948201320142015Expense ratioOur combined ratio has averaged 90% overfive years.

www.beazley.comBeazleyAnnual report 20151Our keydifferentiatorsEntrepreneurial spiritWe look for individuals with a strongsense of ownership for the business theyhandle who are willing – indeed keen– to be accountable for their decisions.Strong partnershipsStrong long term relationships withbrokers and clients have sustainedour business over three decades.Diversified businessWe target a balanced portfoliospanning specialist classes drivenby different cycles.Strategic reportWe seek to differentiate ourselvesfrom our competitors in three keyways, all of which are importantvalue drivers for Beazley.

2BeazleyAnnual report 2015www.beazley.comEntrepreneurial spiritCorporate culture matters.Our open, collegial andcollaborative culture means ourclients and brokers interact withentrepreneurial underwriterswho give straight answers andmake decisions quickly.For us entrepreneurial spirit has a very specific meaning,a meaning that guides us in evaluating new hires to ourunderwriting teams around the world. We look for individualswho have a strong sense of ownership for the businessthat they underwrite and are willing – indeed keen – to beaccountable for their underwriting decisions. We also lookfor individuals who have a broad understanding of the waysin which economic, political and social changes can impacttheir book.Entrepreneurial spirit is clearly an important part of thepsychology of the successful Beazley underwriter. However,a combination of specialist skills and an ability to see thebigger picture also distinguishes Beazley employees in otherareas, including claims management and operations.Many of our employees have a single focus. They possessdeep expertise in a particular field and appreciate theopportunity to put it to good use. Other employees mightbe seen, in career terms, as ‘serial entrepreneurs’. In otherwords they look for opportunities to work in a range ofdifferent fields – and often geographies – during their timeat Beazley.As Beazley has grown – the company’s workforce has morethan doubled in size since 2007 – our ability to invite highperforming employees to obtain experience in different rolesand geographies has also grown. On the page oppositewe profile three individuals who have chosen varied careerpaths at Beazley.

BeazleyAnnual report 2015www.beazley.com3Career pathwaysI joined Beazley in the summer of 2007straight out of university. I was Beazley’s101st employee in the US – we’re nowat more than 400. My first job was withthe high value homeowners team inPonte Vedra Beach, Florida. Within twoyears I was given an opportunity to jointhe commercial property team as anunderwriting assistant.In 2009 that team of four expandedten-fold with the acquisition of First StateManagement Group, a specialist excessand surplus lines (E&S) property insurer,from the Hartford. Shortly after themerger I moved to Atlanta whereI was promoted to underwriter. I spentfive years in Atlanta with a short stintin New York.In 2014 I moved to San Francisco aslead underwriter for the West Coast.After a little more than a year, I returnedto Atlanta – our biggest office for propertyinsurance – as the focus group leaderfor E&S Property in the Southeast.Beazley has offered me careeropportunities I would never haveenvisaged when I joined the companyfresh from college. I love the culturehere – people are encouraged toask questions, take risks, and thinkunconventionally.Gavin HayesAfter 11 years working in the Londoninsurance market – initially in underwritingbut latterly in finance roles – I joinedBeazley’s finance department in 2006.My timing was good: Beazley has grownstrongly since, supported by a 150mrights issue in 2009.I joined Beazley in 2004 after eight yearsat another Lloyd’s syndicate, whereI focused mainly on D&O insurance.In October 2015 I moved out of thefinance department, accepting the roleof head of data management. Reliableand timely data is fundamental to runningan organisation such as ours and is keyfor decision making capability.In 2007 I was asked if I would join thehealthcare team, which was expanding.I received great support in learning theropes of this quite technically complexclass of business and became focusgroup leader for the US hospitalsprofessional liability book, then thelargest in the London market. All mytravel was to the US.At Beazley I joined the large risk E&Oteam. This was before we had thedifferent sub teams we have nowfocusing on particular E&O lines.I was promoted twice, assuming in 2010We all just worked on the renewalsresponsibility for all external financialthat came in, whether they be lawyers’reporting at Beazley. I am proud thatprofessional indemnity, tech E&O, orBeazley has built a reputation for higharchitects’ and engineers’ professionalquality, transparent reporting to investors. indemnity.There are major changes taking placein the ways in which data is used byinsurers. At Beazley, we are at thebeginning of a journey to capture andcapitalise on proprietary data, improvingboth our risk selection and operationalcapabilities. It’s very exciting.“ I love the culture here– people are encouragedto ask questions,take risks, and thinkunconventionally.”Meanwhile, Beazley had identifiedSingapore as the principal hub for thedevelopment of our business in theAsia/Pacific region. In 2014 I wasapproached to consider moving toSingapore to lead our strategic growthinitiative there. I was unfamiliar withthe market but reassured that wealready had numerous locally recruited,seasoned underwriters in place.I moved to Singapore in March 2015.I now work with multiple trading teamsfocusing on a wide spread of thespecialist business classes for whichBeazley is well known globally. My roleencompasses broker relations, marketing,and optimising our infrastructure toenable us to write all our target classesof business efficiently and to highservice standards.Strategic reportReid JaffeOlivia Stafford

4BeazleyAnnual report 2015www.beazley.comStrong partnershipsOur business is not conductedthrough anonymous transactions– we rely on strong relationshipswith both brokers and insureds.The reciprocity of these relationshipsmatters. Strong partnershipswith insureds are based on theexpectation that Beazley willbe prepared to provide continuityof coverage over the years.Our insureds understand that, for us to deliver on thisexpectation, we need to charge a fair premium to cover therisk even if, for a time, a competitor may be willing to write thesame risks for less. By adopting this approach, we have beenable to provide insureds with reliable cover, year after year.We believe that brokers add enormous value to insuredsin the purchase of insurance and reinsurance in the areas inwhich we specialise. All of our underwriters work constantlyto strengthen their personal relationships with brokersand our broker relations team, headed by Dan Jones,keeps a close watch on our corporate broker relationships.We understand that the best insurance products in theworld will not realise their potential without the support andadvocacy of well informed brokers.

www.beazley.comBeazleyAnnual report 20155A strong focuson service“ Many brokers tell us they love our service – the speedwith which they can get a response from a Beazleyunderwriter, the effort we put into resolving a complexclaim. Our sales and service initiative is designedto build on these foundations to strengthen our brokerrelationships still further.”Dan JonesHead of broker relationsOn the service side, we are targetingbest in class service evaluations fromour brokers across all geographies andproduct lines. This encompasses theservice we provide to our insureds aswell, because exceptional service foran insured should help the broker retainthe business, even in the face of stiffprice competition. Service to insuredsis therefore a major component ofbroker service.A strong focus on service is well suitedto our specialist business. By definition,as a specialist insurer we seek lines ofbusiness that are not commoditised,where we can add value through morethan keen pricing. In recent years,we have expanded the scope of ourservice to insureds in important ways,beyond the traditional provision ofindemnity-based insurance, to provideexpert risk management and incidentresponse services.Our broker relations teamworks to strengthen brokerrelationships globally. From left:Ricardo Ortega (Rio de Janeiro),Rachel Hallett (London), andWill Roscoe (London).Strategic reportThe sales and service strategic initiativewas launched in the summer of 2015.On the sales side, it aims to significantlyimprove our ability to deliver profitabletop-line growth, achieving a higher‘close rate’ on opportunities andbetter retention rates using enhancedsales skills.

6BeazleyAnnual report 2015www.beazley.comDiversified businessFor our shareholders, Beazleyaims to deliver sector leadingreturns on equity with relativelylow volatility. The key to thisperformance over time is thebalance of Beazley’s portfolioacross specialist classes drivenby different cycles.Our diversified portfolio allows us to implement efficient cyclemanagement and to underwrite more premium and havemore invested assets per dollar of capital than our peers.We assess the merits of writing a new line of business verycarefully with an eye to the effect on the diversification ofour portfolio.Our approach goes well beyond diversification by line ofbusiness. We also diversify by geography and size of clients(smaller risks are often less volatile over the insurance cyclethan larger risks). In addition, our business is a balance of‘short-tail’, meaning that claims usually emerge within a yearof the policy’s inception, and ‘medium-tail’, which meansthat claims on average take up to six years to crystallise fully.The evolution of our portfolio by line of business and theimpact this diversification has had on our combined ratioover the past five years can be seen in the chart on thenext page.

BeazleyAnnual report 2015www.beazley.comGrowth in the global market:a tale of three cities7The first decision for Beazley in expanding internationally is:Can we write this business out of London? Lloyd’s remainsby far the world’s largest and most vibrant wholesale andreinsurance market and most large risk business can readilybe transacted there.However other regional markets are growing and, particularlyfor smaller and less complex risks, it often makes senseto have a local underwriting presence. In Singapore, Parisand Miami, Beazley underwriters have been able to accessprofitable business that they would not have seen at the boxat Lloyd’s.In these cities and in other locations around the worldwhere Beazley has put down roots, our approach is not tomake large acquisitions that present complex integrationchallenges. Instead we aim to hire seasoned professionalunderwriters who know the market well and possess strongbroker relationships. It takes longer to grow this way but it issafer and, we have found, more effective in growing profitably.Diversified portfolio achieves consistent combinedratio through market cycles160%140%120%100%80%60%40%20%0%2011Lines of business2012Diversified portfolio201320142015Strategic reportOur Singapore office opened in 2006 and Beazley is nowone of a number of Lloyd’s insurers writing a wide range ofbusiness lines in the region’s leading insurance hub. Beazley’sParis office celebrates its tenth anniversary this year: in 2015we continued to build our local team, recruiting Frenchunderwriters to write treaty reinsurance and small scaleprofessional indemnity business. The newest of the threeoffices – Miami – opened in July 2013 and the city’s strategicvalue as a hub for Latin American insurance and reinsurancebusiness is becoming increasingly clear.

8BeazleyAnnual report 2015www.beazley.comDiversified business continuedManaged gross premiums growth by division mLife, accident & healthMarineWith an experienced team of leadingunderwriters who have been together sincethe early 1990s, our personal accident andspecialty life business is written on both aninsurance and reinsurance basis and coversa number of niche classes, including sportsdisability. The business was acquired byBeazley in 2008 and has grown since thenorganically and through further acquisition.Political risks & contingencyWe help insure in excess of 20% of the world’socean-going tonnage and are the pre-eminentleader of voyage and tow business in theLondon market. We insure 30% of the top200 oil and gas companies and are a majorlead for upstream energy clients. We haveextensive experience insuring a wide variety ofcargoes including project, fine art and specie.Find out more on page 26Find out more on page 28In addition to traditional lines such ascontract frustration, expropriation and credit,we insure a growing number of businessesagainst terrorism and political violence.Our contingency team is one of the strongestin the London market. We also specialise inevent cancellation – writing everything fromweddings to World Cups.Find out more on page 94959697989900

BeazleyAnnual report 2015www.beazley.comPropertyReinsuranceThe reinsurance team specialises in writingworldwide property catastrophe; per risk;aggregate excess of loss and pro-ratabusiness; and casualty clash. Approximately80% of our top clients have reinsured withus for 20 years or more.Find out more on page 320102030405Find out more on page 340607080910Specialty linesSpecialty lines comprises managementliability and professional liability risks,including cyber liability, underwritten forclients on both a primary and excess basisin North America, Europe and around theworld. Our US clients are served both by ourunderwriters at Lloyd’s and, on an admittedbasis, by our local US-based underwriters.Find out more on page 361112131415Strategic reportWe’ve protected clients ranging fromFortune 1000 companies to homeownersthrough 23 years of natural and man-madecatastrophes. We underwrite this businessthrough three platforms; Lloyd’s, the USand Singapore, with a business focus oncommercial property, engineering andconstruction risks and select homeowners’business.9

10BeazleyAnnual report 2015www.beazley.comThe moment of truthA claim is a moment of truth for both the insurerand the insured. Will the insurer possess theexpertise, the capacity and the desire to resolvethe claim fairly and expeditiously, supporting theinsured through what may well be a stressful time?At Beazley we believe that claims service shouldbe a positive differentiator in carrier selection byinsureds, and we know that, for us, it frequently is.Proactive claims management should also inspireconfidence among shareholders and regulators,as should our prudent, timely and consistentapproach to establishing claims reserves.Our teamBeazley’s claims team comprises over 120 claims managers,based in London, the United States and Australia. We organiseourselves along product lines rather than territories: we believethat this ensures a thorough understanding of the productswe sell, enabling us to take a consistent and fair approach withour clients in the application of policy wordings and to supportthem effectively through the claims process. We currentlymanage open reserves of over 3bn, gross, and have around125,000 open claims.The claims team retains complete independence on claimsdecisions but a key part of our philosophy is to ensure thatclaims managers and underwriters work closely together.Claims managers thereby fully understand the product beingsold and can ensure that the breadth of coverage intended isrespected. In addition, it ensures that emerging claims trendsor issues that might have an impact on the book of businessbeyond the individual claims themselves are flagged promptlyand reflected in underwriters’ rating and risk appetite. This isof particular value on longer tail business where the root causesof trends can take time to manifest themselves.Differentiation through serviceBrokers have told us they value four key service attributes:expertise, responsiveness, commerciality, and access toempowered claims managers. We focus on these and closelymonitor brokers’ opinions of our service.Following us winning the 2013 Cuthbert Heath Claims teamaward from Insurance Insider for our handling of the New YorkMarathon cancellation in the wake of Superstorm Sandy, wewere shortlisted again this year for our handling of claimsfollowing the Hatton Garden vault theft, the most ambitiousheist in the UK since the Great Train Robbery in 1963. Our teamwas recognised for its ability to evaluate a complex scenarioquickly and then adjust and settle the many individual claimsvery promptly.Differentiation through specialismClaims management is a multi-faceted activity for a specialistinsurer with a diverse portfolio such as Beazley, and the skillsand knowledge relevant to one line may not apply to another.We hire seasoned professionals, but we also recognise the needto continue to invest in the skills of our people after they havejoined Beazley. To this end, we have over the last 18 monthsplaced an increased focus on our team members’ personaldevelopment by developing a claims specific training curriculum.The result is a wide cross-section of specialists who are able touse their skills to make a real difference on claims.For example, our healthcare claims team is relied upon by majorUS hospitals confronting multi-million dollar lawsuits. Our claimsmanagers are accordingly sourced from top healthcare defenceliability firms, usually possessing six to ten years of litigationexperience. (The benefits that this level of expertise can confer inindividual claims is illustrated in the case study, see facing page).Our market leading technology, media and business servicesteam has received numerous accolades from brokers and clientsfor the dedication with which they have handled complex databreach claims, which combine first party exposures (the costsof responding effectively to a breach) and third party exposures(the risk of lawsuits). In one recent situation, the broker for a largeUS health insurer, told us that ‘no one else in the market wouldhave, or could have, done what Beazley did for this client’.

BeazleyAnnual report 2015www.beazley.comBuilding a defence case for our clientsOur insured was a developer of solutions for electronic healthrecords (EHR). The insured’s customer, a healthcare institution,sued for breach of contract for failure to properly implementan EHR solution.In discovery, we learned that the plaintiff had obtainedsignificant sums from the US federal government as part of aprogram that incentivises the healthcare sector to implementEHR technology. During mediation, we found the customer’ssigned an application for these payments online and weconfronted the plaintiff with this application – part of whichcertified to the federal government that certain EHR solutionswere in place.We argued that if statements in the application were true,then certain allegations against the insured could not betrue. In conjunction with defence counsel were able to usethe statements in the application to persuade the plaintiffto lower its settlement demand from several million dollarsto the low six figures.Beazley has successfully used the same strategy in similarclaims. On one occasion our insured sued for failure to pay 1m in back fees, but was counter sued for 13m. Afterwe showed the claimant the incompatibility of its countersuitwith its application for federal dollars to implementEHR technology, the claimant dropped its suit and weultimately negotiated a payment to our insured.Maintaining our competitive edgeWhile our claims volume has continued to grow broadly inline with premium growth, the nature of the claims we handlecontinues to evolve, due to a number of factors. First, we haveexpanded our existing product suites in certain territories, suchas France and Singapore. Secondly, our onshore US businesshas grown rapidly. Finally, the nature of the claims themselvesis changing because our small and mid sized risk business hasgrown faster than our large risk books.These changes are increasing the need for greater scalabilityand flexibility of our claims resource. We have accordinglyIn cases such as this, swift claims settlement is a win-win for the created a new portfolio claims team to sit alongside our existingclient and for Beazley: the longer claims drag out, the more theyglobal product teams. Specialist managers will still focustend to cost. However, the same is not always true of professional on defined product areas but this change will introduce moreliability claims, where patience can be a virtue. In the case ofcross-team and cross-product working, thus allowing us toarchitects’ and engineers’ (A&E) claims, the length of the ‘tail’ –flex our resources more easily.the period between when cover was underwritten and claimstypically are closed – now averages 3.5 years, reflecting the factthat there can often be significant delays between the notificationObstetrics claims show valueof a circumstance by an insured (namely the possibility of therebeing a claim) and the time when a claimant proactively pursuesof experienceits claim.In a recent birth injury claim, our healthcare team found theFor A&E claims, our clients look to Beazley as a source of soundhospital’s normal defence counsel endorsing a settlementadvice, backed by our three decades of experience in this class– 10m to 14m – that in our view was far too highof business. We share our claims data with our clients, enablingand would raise the floor on any subsequent birth injurythem to benchmark themselves against their peers andsettlements. Defence counsel further opined thatstrengthen their risk management defences where needs be.a plaintiffs’ verdict was likely and estimated the verdictvalue at 25m or more.At our instigation, the client agreed to our bringing inspecialist trial counsel with long experience of defendingmedical malpractice claims involving catastrophic injuries.Our counsel strengthened possible liability and causationdefences and, more importantly, conveyed the positionthat we were prepared to go to trial. At mediation we wereable to settle the insured’s liability for 6m, well beloworiginal counsel’s settlement valuation and for a smallfraction of the plaintiffs’ original demand of 45m.Beazley has been underwritingarchitects’ and engineers’professional indemnity risks for30 years, so we have rich claimsdata to help clients identify trends.Steve ChangHead of healthcare claimsStrategic reportFor first party insurance, such as marine insurance, differentskills are required. Our marine team includes a full time marinesurveyor who is a qualified engineer. By deploying our ownmarine engineer to the scene of a casualty we can normallyrespond far more quickly to the client’s needs and settle theclaim rapidly. This approach differentiates Beazley from mostof its peers. In a recent case our surveyor flew to South Americato negotiate repair costs to a damaged vessel and, to thebenefit of all concerned, managed to reduce costs from anestimated 11m to less than 2m and ensured that repairscould be completed swiftly.11

12BeazleyAnnual report 2015www.beazley.com30 years of profitable growthBeazley’s vision is to become, and be recognised as,the highest performing specialist insurer.20062007200820092010 1,762.0m 1,919.6m 1,984.9m 2,121.7m 2,108.5m 1,371.0m 1,561.0m 1,620.0m 1,751.3m 1,741.6mBeazley opens new officein MunichRaised 150m through rightsissue to develop our businessat Lloyd’s and in the USAndrew Beazley, co-founderof Beazley Group and chiefexecutive until September 2008,dies at the age of 57Managed gross premiumsGroup shareManaged gross premiumsGroup shareBeazley in Hong Kong takes fullownership of APUA and renamesit Beazley LimitedManaged gross premiumsGroup sharePolitical risks & contingencygroup formed as new divisionExpansion of construction &engineering team into SingaporeAcquisition of MomentumUnderwriting ManagementBeazley opens new office in ParisLloyd’s active members: 2,211Accident & life formedas a new divisionCapacity: 14.8bnUS hurricane Ike 20bnSyndicates: 65Managed gross premiumsGroup shareAcquisition of First StateManagement Group, Inc.,a US underwriting managerfocusing on surplus lines

Charting Beazley plc our course Annual report and accounts 2015 Beazley plc 2 Northwood Avenue Northwood Park Santry Demesne Santry Dublin 9 Ireland Phone: 353 (0)1 854 4700 Fax: 353 (0)1 842 8481 Registered number: 102680 www.beazley.com www.beazley.com Charting our course Strategic report IFC Our business model and strategy Our key .

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