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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Beazley plc    BEZ   GB00BYQ0JC66

BEAZLEY PLC

(BEZ)
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Lloyd's insurer Beazley points to underwriting loss after steep claims

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11/08/2019 | 05:13am EST

Beazley said on Friday its main measure of insurance profitability was now pointing losses for 2019 as it set aside $80 million to cover hurricane and other claims at the end of an expensive quarter for listed Lloyd's insurers.

Beazley said it expects its full-year combined ratio - normally the main gauge of profitability for insurers - to be between 100% and 102%. Readings over 100% indicate claims exceeded premiums earned.

It added, however, that year-to-date returns on investment had surged to $215 million from $26 million, as falling U.S. yields boosted gains in the company's fixed income portfolio.

The company, which provides casualty and property, cyber and political risk insurance, said gross written premiums jumped 12% to $2.19 billion for the nine months ended Sept. 30 from a year earlier.

The $80 million reserved by Beazley for payouts on natural catastrophes compares to the $33.2 million set aside by rival Lancashire.

Larger player Hiscox earmarked $165 million to cover claims earlier this month while also increasing combined ratio targets for its retail business.

The Bank of England earlier this week warned it will scrutinise insurers that are overly optimistic about how much capital they require to cover growing risks from the United States and elsewhere.

The Hiscox update sparked a 15% plunge in its share price earlier this week as at least four brokerages cut their price targets on the stock.

In Friday's statement, Beazley Chief Executive Officer Andrew Horton said the company continued to experience heightened claims activity due to its exposure to catastrophes in the third quarter.

UBS analysts last month estimated natural catastrophe losses for 2019 would reach about $70 billion, adding that could eat into insurers' reserves and lead to higher prices.

(Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

Stocks mentioned in the article
ChangeLast1st jan.
BEAZLEY PLC 0.28% 536 Delayed Quote.6.45%
HISCOX LTD -2.57% 1249 Delayed Quote.-22.95%
LANCASHIRE HOLDINGS 0.43% 696 Delayed Quote.15.04%
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Financials (USD)
Sales 2019 2 934 M
EBIT 2019 322 M
Net income 2019 208 M
Debt 2019 227 M
Yield 2019 2,33%
P/E ratio 2019 18,8x
P/E ratio 2020 14,0x
EV / Sales2019 1,32x
EV / Sales2020 1,21x
Capitalization 3 636 M
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Technical analysis trends BEAZLEY PLC
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 7,77  $
Last Close Price 6,92  $
Spread / Highest target 28,4%
Spread / Average Target 12,3%
Spread / Lowest Target -16,3%
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Managers
NameTitle
David Andrew Horton Chief Executive Officer & Executive Director
David Lawton Roberts Non-Executive Chairman
Ian Fantozzi Chief Operating Officer
Sally Michelle Lake Executive Director & Group Finance Director
John P. Sauerland Independent Non-Executive Director
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