Beazley Group Posts Record Profits
Beazley Group P.L.C. posted a record profit of £60.2 million ($122.0 million) for the first half of 2007, up from £28.3 million ($57.3 million) for the comparable period last year.
According to the company, its gross written premiums increased 10% to £434.1 million ($879.3 million). Its combined ratio for the first half of 2007 was 87%, compared with 90% for the same period last year.
Beazley did not release any loss figures from the recent flooding that hit parts of the United Kingdom, but said that it was expecting claims on both its U.K. homeowners and reinsurance books of business.
Beazley Group PLC, based in London, is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Singapore and Hong Kong. Beazley manages two Lloyd's syndicates (Syndicate 2623 and Syndicate 623) with aggregate underwriting capacity in 2007 of £860m (US$1.7bn).
Both syndicates are rated A by A.M. Best. In the U.S., the firm’s underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company is rated A- by A.M. Best.
Published on July 30, 2007
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