Specialist insurer Beazley has appointed Jessica Schappell as the new head of Asia Pacific (APAC), effective Aug. 1.
Schappell (pictured) will be based in Singapore and will report directly to Paul Bantick, the global head of cyber risks.
Schappell has been with Beazley since 2007, serving in various roles in New York and Singapore. Most recently, she was the claims manager for specialty risk and cyber in the APAC region, where she was instrumental in building the company’s claims capabilities and managing a range of complex claims.
In her new role, she will oversee Beazley’s operations and strategic growth initiatives in the APAC region, as well as chair the Asia Pacific Management Committee.
Commenting on the leadership appointment, Bantick highlighted Schappell’s extensive knowledge of the APAC market and her solid reputation within the industry.
“Our APAC business has gone from strength to strength under Lucien’s leadership, and Jessica’s in-depth knowledge of the region and impressive market reputation positions her as the ideal candidate to spearhead our continued growth,” he said. “The risks facing the region are getting more complex, and a recent Beazley report found that 44% of businesses in Singapore believe they operate in a high-risk environment. Only through the expertise of individuals like Jessica, alongside her market-leading team, will our market be able to support our clients navigate the challenges ahead. I look forward to working closely with Jessica on delivering our business strategy.”
“For the last five years, I have worked alongside an impressive team in Singapore, and I am delighted to now have the opportunity to lead them as we build on our success,” Schappell said. “As a team, we will ensure that we develop and invest in solutions that allow our clients and broker partners across APAC build resilience and outperform.”
The leadership appointment comes on the heels of the release of Beazley’s financial results for the first quarter of 2024 (Q1 2024), showing steady growth.
The company’s gross written premiums reached $1.483 billion for the quarter ending March 31, marking a 7% increase from $1.384 billion in the same period last year. Net written premiums also rose by 11%, totalling $1.239 billion compared to $1.118 billion previously.
The company’s investment and cash holdings increased significantly, with total assets rising to $10.827 billion, a 19% increase from $9.080 billion as of March 2023. The year-to-date investment return was steady at 1.2%, and the rate environment saw a marginal increase of 1%, down from a 10% increase the prior year.
