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 [...]
Exclusive: ‘Pool Re’ style scheme could help insurers fund Covid-19 cover, says Beazley CEO February 5, 2021 The CEO of insurer Beazley is hopeful that insurers will be able to provide cover against infectious diseases like Covid-19 in the future, but said a government backstop may be needed to press ahead. It is not possible to get insurance on Covid-19-related cancellation cover on events this year, because the chances of an event [...]
Beazley boss upbeat on 2021 after COVID-19 losses November 24, 2020 By Muvija M and Carolyn Cohn LONDON (Reuters) – Next year could be one of Beazley’s strongest for more than a decade, the Lloyd’s of London insurer’s chief executive said on Tuesday, with the industry likely having already absorbed the bulk of its losses from the coronavirus pandemic. “We hope that the COVID-19 claims are [...]
Insurer Beazley slips into underwriting loss as catastrophe costs jump November 6, 2020 London-based specialist insurer Beazley said this morning that it would slip into an underwriting loss for the year, as the company set aside $80m million to pay out catastrophe claims. The group also reiterated its pandemic-related loss estimate. “Our initial estimate of the costs of the third quarter catastrophe events including hurricanes Laura and Sally [...]
Beazley’s annual profit balloons as premiums jump February 6, 2020 Beazley’s 2019 profit was boosted by higher insurance rates after a long period of erosion, sending the underwriter’s shares 6% higher to the top of UK’s midcap index. Beazley, part of the oldest insurance market in the world, was able to raise its premium rates last year after a string of industry-wide catastrophe claims led [...]
Beazley profits almost triple as policy premiums rise July 23, 2019 Beazley has raised its outlook as profits more than doubled in the first half of its financial year, with the insurer hailing higher policy rates after years of expensive payouts for natural disasters. Read more: Profits halve as Beazley endures natural disaster losses The figures Beazley recorded higher profit before tax of $166.4m, an increase [...]
Square Mile skyscraper to bring in Shard man Danny Lemon February 26, 2019 The City's tallest skyscraper has drafted in The Shard’s former manager as it prepares to open its doors later this year. Developers at 22 Bishopsgate, the 62-storey building in the Square Mile known as "Twentytwo", have hired Danny Lemon to oversee the set up and management of the trophy building ahead of its opening late this [...]
Profit halves at insurer Beazley on natural disaster losses and a poor investment environment February 7, 2019 Insurer Beazley today blamed natural disasters and a poor investment environment for its profit falling by more than 50 per cent in 2018. Beazley’s 2018 profit before tax was $76.4m (£59.1m), down from $168m, while earnings per share fell from 19.5p in 2017 to 9.7p last year. Read more: Beazley hurricane costs reach $105m The [...]
Fires and explosions cause largest value losses for businesses and insurers globally December 13, 2018 Fires and explosion are the cause of the largest claims for insurers and the businesses they cover. Analysis of over 470,000 global insurance claims from 2013 to 2018 with a value of €58bn (£52bn) by insurer Allianz Global Corporate & Specialty shows the largest financial losses come from fires and explosions. Over the past five [...]
Beazley takes $40m hit from worst wildfires in California history December 6, 2018 The deadly wildfires which ripped across California this year burnt a $40m (£31.5m) hole in insurer Beazley’s pockets. The payouts from reinsurance hit the company’s bottom line after fires damaged several settlements and killed dozens in the US’s most populous state. It also faces challenges from difficult markets. “Investment markets continue to be volatile and [...]