Beazley profit quadruples

SPECIALIST insurer Beazley yesterday celebrated a 300 per cent rise in year-end profits to $251m (£160m) after a reduction in worldwide catastrophes.

The only major payout at the Lloyd’s of London business was a $90m net loss from superstorm Sandy, which hit North America last October.

Beazley’s strong position in the event insurance business means some of this payout went to cover the costs of the cancelled New York marathon, which was due to take place just days after Sandy made landfall.