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Beazley's pre tax profits slide 75%
07 February 2012
The re/insurer has reported a substantial drop in profits, but the firm remains positive after seeing the impact of cat claims double in 2011.
UK re/insurer Beazley has seen its profits before tax plummet by 75%, hitting $62.7m for the full year of 2011.
The firm posted pre-tax profits of $250.8m in 2010.
Beazley did, however, report a combined ratio of 99%, and attributed the rise from last year’s figure of 88% to catastrophe related claims.
In 2010, cat claims comprised only 8% of its combined ratio, but last year, that figure doubled to 16%.
Noting the impact of the cats of the first half of 2011, and the Tohoku Earthquake in particular, Beazley CEO Andrew Horton remained positive about the strength of the firm.
“We’re pleased to make an underwriting...
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