The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
The facility, which aims to provide coverage of US$500m each for hull war and cargo war, will be backed by Lloyd's syndicates and will remain open to third-party capital.
Reinsurers and brokers are exploring new programme designs to balance capital efficiency with growing digital risk exposures as cyber insurance continues expanding across global markets.
Following a series of failed bids, Zurich has now agreed terms to create a specialty insurance business with about US$15bn in annual gross written premiums.
Zurich has secured an extension to make a formal takeover offer for the British speciality insurer after the parties confirmed an agreement in principle earlier in the month.