Beazley has appointed Lindsay Shipper (pictured above) as head of commercial property, North America, effective April 1, 2025.
She will be based in Atlanta, Georgia, and report to Richard Montminy, group head of property risks.
Shipper joins Beazley with nearly two decades of experience in the property market and a background in brokerage. She previously worked at Marsh, where she held multiple senior positions over a 16-year tenure, most recently serving as managing director and Southeast Zone property leader.
Beazley has recently expanded its presence in the specialty property market, particularly in the US excess and surplus sector. The company has also extended its property underwriting reach into the European market.
That said, its entry into the specialty property market was not without problems, with Beazley facing financial exposures due to significant natural disasters.
Notably, Hurricanes Helene and Milton resulted in estimated net losses between $125 million and $175 million. Despite these challenges, Beazley anticipates maintaining an undiscounted combined ratio of around 80% for the full year, indicating sustained profitability.
Despite an active hurricane season and a global cyber event, Beazley maintained an undiscounted combined ratio of 79% in 2024, reflecting its underwriting profitability.
For the year ending December 31, 2024, Beazley achieved a record profit before tax of $1.423 billion, marking a 13% increase from the $1.254 billion recorded in 2023. This growth was underpinned by a 10% rise in insurance written premiums, totaling $6.164 billion, up from $5.601 billion in the previous year.
The company's net insurance written premiums also saw an uptick, reaching $5.152 billion compared to $4.696 billion in 2023.
Outside of its specialty property segment, Beazley also recently bolstered its cyber operations with the appointment of Alessandro Lezzi as group head of cyber risks.
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