Beazley flips a loss into major profit in full-year results

There are causes to have a good time for Beazley Group (Beazley) as we speak, because the specialist insurer introduced it had turned its $50 million 2020 full-year loss right into a $369.2 million revenue earlier than tax throughout 2021, because it launched its newest monetary outcomes.

For the monetary yr ended December 31, 2021, Beazley achieved $4,618.9 million gross written premiums (GWPs), a 30% enhance from $3,563.8 million in 2020. Its price enhance on renewal portfolio additionally shot up by 24% within the 2021 monetary yr, up from solely 15% in 2020.

Commenting on the most recent monetary outcomes, Beazley chief government officer Adrian Cox mentioned: “I’m delighted with Beazley’s performance in 2021 where we have delivered GWP growth of 30% and a combined ratio of 93%, which has resulted in a robust profit of $369.2 million.”

Reflecting on Beazley’s efficiency in 2021, Cox mentioned the corporate noticed development throughout all its strains of enterprise, particularly within the cyber market, the place it continued to see vital price enchancment. Therefore, the specialist insurer will keep its disciplined method to cyber this yr and proceed investing in its cyber infrastructure whereas looking for extra alternatives available in the market.

Beazley has a constructive outlook for its efficiency this monetary yr, sharing that it’s assured that it will possibly ship continued double-digit development.

“Our strong capital levels support both our growth prospects and the reinstatement of our dividend where we have proposed 12.9p per share with respect to the whole of 2021. I approach the end of my first year as CEO of Beazley with confidence about the future,” Cox mentioned.

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