Beazley Plc takes large hit in year-end outcomes
Specialized insurance group Beazley Plc has suffered a severe blow in its 2020 annual results.
From a pre-tax profit of $ 267.7 million in 2019, Beazley posted a pre-tax loss of $ 50.4 million this time around. The 250% plunge came despite Beazley’s gross written premium (GWP) increase from USD 3 billion in 2019 to its final GWP of USD 3.6 billion.
Earnings per share fell 119% last year. In addition, Beazley’s board of directors has decided not to resolve a dividend at the end of 2020.
According to the insurer, the combined ratio of 109% was “strongly influenced” by the damage volume in connection with COVID-19 in a year that was described as unprecedented. However, his optimism remains Beazley managing director Andrew Horton.
“Beazley’s gross written premiums increased 19% to $ 3,563.8 million, helped by interest rate hikes in most of our businesses,” said Horton. “We achieved a strong investment result even in the face of volatile conditions.
“I see the coming year very positively. We have the capital strength to support our growth plans and look forward to a continued favorable interest rate environment and the global expansion of our specialty products. I am confident that we will be able to pay dividends again in the course of 2021. ”