Cyber market boosts Beazley’s “robust profit”

By:

Add as a preferred source on Google
Beazley said its undiscounted combined ratio, a measure of profitability used by insurers, had surpassed forecasts in 2023.
Beazley said its undiscounted combined ratio, a measure of profitability used by insurers, had surpassed forecasts in 2023.

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 30 per cent to $4.6bn.

“I’m delighted with Beazley’s performance in 2021 where we have delivered GWP growth of 30 per cent and a combined ratio of 93 per cent, which has resulted in a robust profit of $369.2m,” said Adrian Cox, Beazley’s chief executive.

“We saw good growth across all our lines of business but were particularly encouraged by the opportunity in the cyber market where we continue to see significant rate improvement. 

“We maintain our disciplined approach to cyber and remain excited about the opportunities for Beazley in this market and continue to invest in our cyber infrastructure.”

Following the group’s strong performance, which includes a 24 per cent increase on renewal portfolio, the board decided to reinstate the proposed dividend to 12.9p per share with respect to the whole of last year.

“I approach the end of my first year as CEO of Beazley with confidence about the future,” Cox concluded.