Beazley can’t find its claims; ups 2023 guidance & pays shareholders

Beazley has likely beaten is own forecasts for 2023 underwriting margins for a simple shortage of claims and may end up putting an additional $300 million back to shareholders in turn, management said in a filing for investors. 

Beazley's undiscounted combined ratio will likely hit the mid-70s for FY2023, versus prior expectation of a reading in the low-80s, management said. Beazley had last confirmed its combined ratio guidance for the low 80s back when reported Q3 results. 

“This is as a result of better than expected claims experience during the year,” management said without identifying lines or regions.  

While Beazley did not name the precise monetary gain on the improvement margin, but said that shareholders may benefit to the tune of “around $300 million” in additional capital return above the regular dividend. 

That payout will be confirmed or adjusted when Beazley publishes the final tally on its 2023 bean counting on March 7.

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