Beazley forced to lower chief exec’s pay following mistake in insurer’s results March 8, 2023 Beazley was today forced to publish a correction to its balance sheet after the Financial Times spotted an embarrassing error in its annual report. In its annual results statement, insurer Beazley overstated the value of its ‘net assets per share’ in reporting them at 420.8c instead of their real value 386.7c. Beazley’s error is particularly [...]
Lloyd’s of London member Beazley’s profits plummet 48 per cent as interest rate hikes dent portfolio March 2, 2023 Shares in specialist insurer Beazley today fell almost nine per cent after the firm told investors its profits had plummeted in 2022 due to a sharp drop in income from its investment portfolio. The insurer said its overall pre-tax profits fell 48 per cent in the year ending in December 2022 to $191m, as rising [...]
Lloyd’s of London syndicate Beazley launches world’s first ‘cyber catastrophe bond’ January 9, 2023 Lloyd’s syndicate Beazley has launched the world’s first ‘cyber catastrophe bond’. The insurer’s catastrophe bond protects Beazley’s balance sheet in the event it is forced to pay out more than $300m (£246m) in insurance on any cyber risk policy. Catastrophe bonds have traditionally been used to protect insurers from natural disaster risks, through deals that [...]
Beazley on track for year guidance as gross premiums rise to £3.3bn November 11, 2022 Beazley remains on track to deliver its year guidance of a high 80s combined ratio following a 22 per cent increase in written gross premiums. In the nine months ended 30 September, the insurance powerhouse’s premiums rose to $3.9bn (£3.3bn) as a result of significant growth in all of its divisions. Premium rates on renewal [...]
Beazley delivers best combined ratio since 2015 despite profit decrease July 22, 2022 Beazley has delivered its best half-year combined ratio since 2015 despite a decrease in profit. In the six months ended 30 June, the insurance firm posted a profit before tax of £18.6m ($22.3m) – down 87 per cent on last year – while its returns on annualised equity went down by 14 per cent. Gross [...]
Cyber market boosts Beazley’s “robust profit” February 10, 2022 International insurance firm Beazley has reported a “robust profit” of $369.2m as a result of opportunities increasing in the cyber market. The firm said that, in the six months ended 31 December, its return on equity went up to 13 per cent on 2020 levels to 16 per cent, while its gross premiums written surged [...]
Beazley gross premiums soar above expectations to £2.4bn November 5, 2021 Insurer Beazley has reported high-than-expected gross written premiums of $3.3bn (£2.4bn), driven by their cyber & executive risk and specialty lines divisions. Gross written premiums rose by 29 per cent for the nine months ended 30 September compared to last year, the insurance company announced in a trading statement today. Underwriting action since last October, [...]
Beazley shares pop as insurer heads back to the black July 23, 2021 Shares in insurer Beazley popped this morning after the FTSE 250 firm said that it had swung back into profit in the first half. By midday, the firm’s stock was up 7.0 per cent at 386.60p, their highest levels in 10 months. For the period, it posted profit of $167.3m, up from a $13m loss [...]
Beazley sees premiums rise but flags $70m loss from US storms May 13, 2021 Insurance firm Beazley today said that its gross written premiums jumped nearly a fifth in what it labelled a “positive” start to 2021. The firm said that gross premiums written increased by 16 per cent to $971m in the first quarter, up from $840m in the same period last year. It added that its estimated [...]
Insurer Beazley appoints new CEO as Horton leaves for QBE March 3, 2021 Beazley has today announced that its CEO Andrew Horton will leave the company to take over at QBE Insurance Group in Australia. Adrian Cox has been appointed as his replacement, having worked under Beazley for 20 years. He has over 25 years of industry experience, most recently as the firm’s Chief Underwriting Officer. “I am [...]