Beazley combined ratio rose by 2% for 2019
Insurer Beazley achieved a profit hike in 2019 driven by a strong investment return and saw a health increase in gross written premiums, but its combined ratio rose by 2 percent, a change the company attributed to adverse claims experiences across several lines.
Beazley’s 2019 profit before tax was $267.7 million, compared to $76.4 million in 2018. Its gross premiums written increased by 15 percent to $3,003.9 million, compared to $2,615.3 million in 2018. The combined ratio rose to 100 percent from 98 percent in 2018.
Andrew Horton, chief executive officer, said: "Beazley achieved a profit before tax of $267.7m in 2019, driven by a very strong investment return of $263.7m. Overall gross premiums written increased by 15 percent to $3,003.9m, with three of our six divisions achieving double digit growth. An adverse claims experience across several lines of business, leading to reduced prior year reserve releases, meant that our combined ratio rose to 100 percent for 2019. Despite this, we are optimistic that the remedial action that we have been taking across several lines of business in recent years, alongside the expected continued premium rate increase, will favour us as we move into 2020.”
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