Zurich names Kristof Terryn as CEO of Beazley as deal closes, Adrian Cox exits

CEO of Beazley Adrian Cox, who joined back in 2019 and helped steer its sale to the European re/insurance giant to create the world’s largest specialty insurer, is set to exit following Zurich’s £8 billion takeover. Zurich’s CEO of Europe and Middle East and global retail, Kristof Terryn (pictured), has been named as successor. 

Terryn has ascended Zurich over the past 20 years, having been Zurich North America CEO and group chief operating officer.

Zurich group CEO Mario Greco said Terryn’s extensive experience, combined with his understanding of the specialty market “and the strengths which have made Beazley successful”, will position the business for a new phase of growth.

Meanwhile, Beazley group CFO Barbara Plucnar Jensen will stay on as senior adviser until March 2027, with Zurich UK CFO Helen Pickford being named CFO of Beazley and Zurich Global Specialty.

And Beazley chief people officer and head of ESG Liz Ashford has decided to retire. She is being replaced by Zurich group head HR business partnerships Sally Henderson, who will be appointed chief people & sustainability officer.

Elsewhere, Zurich UK and Ireland general counsel Ed Bridge will be appointed general counsel, Beazley and Zurich Global Specialty.

Greco repeated that the combined specialty business will generate incremental revenue growth of more than $1 billion a year, with $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 — capital being sent back up to Zurich, including the remittance of Beazley’s excess capital.

Greco said: “By integrating Beazley into our global specialty business, we will accelerate growth and we will bring new very relevant solutions to our existing clients. Beazley’s underwriters will have immediate access to our distribution model and will join our customer service teams.

“Joining Lloyd’s of London for the first time is an important step,” Greco continued, “giving us access to a unique platform for capital, product and service innovation, specialist underwriting and global reach.” 

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