Beazley operates fundamentally as a specialty insurance and reinsurance underwriter rather than an insurance broker. As a prominent participant within the Lloyd's of London marketplace, Beazley underwrites specialized commercial risks—such as cyber liability, marine, property, and political contingency—evaluating exposures and assuming risk on behalf of its capital providers. Insurance brokers, conversely, act as intermediaries representing clients to source appropriate coverage policies from underwriting enterprises like Beazley.