Beazley combined ratio rose by 2% for 2019
Insurer Beazley achieved a profit hike in 2019 driven by a strong investment return and saw a health increase in gross written premiums, but its combined ratio rose by 2 percent, a change the company attributed to adverse claims experiences across several lines.
Beazley’s 2019 profit before tax was $267.7 million, compared to $76.4 million in 2018. Its gross premiums written increased by 15 percent to $3,003.9 million, compared to $2,615.3 million in 2018. The combined ratio rose to 100 percent from 98 percent in 2018.
Andrew Horton, chief executive officer, said: "Beazley achieved a profit before tax of $267.7m in 2019, driven by a very strong investment return of $263.7m. Overall gross premiums written increased by 15 percent to $3,003.9m, with three of our six divisions achieving double digit growth. An adverse claims experience across several lines of business, leading to reduced prior year reserve releases, meant that our combined ratio rose to 100 percent for 2019. Despite this, we are optimistic that the remedial action that we have been taking across several lines of business in recent years, alongside the expected continued premium rate increase, will favour us as we move into 2020.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
SCOR improves profitability at January renewals Talanx Group generates ‘record’ 2019 results of €923m ($1m)
RenRe FY 2019 results show net profit up despite Q4 Hagibis losses
GIC Re obtains reinsurance license for Russian subsidiary
Start-up broker aims to boost diversity in insurance
Renewable energy industry must face new realities - Willis Towers Watson
Silent cyber risk leaving millions of UK businesses underinsured
Financial services playing catch up with more disruptive industries - PwC
UK motor insurers' profit under pressure as higher claims outweigh prices gains
Aon strengthens EMEA M&A and Transaction Solutions business with senior hires
AXA’s apprenticeship schemes will target more mature learners
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze