Lloyd's insurer raises NZ quake loss estimate
Lloyd's insurer Beazley made a profit before tax of $250.8m for the full 2010 year, up 59% on the $158.9m it made in 2009.
Excluding the exceptional foreign exchange gain Beazley made during the year, the profit was $217.1m and return on equity was 18.7%.
The insurer also increased its combined ratio by two points to 88% in 2010 from 90% in 2009. It made $144.6m of prior-year reserve releases during the year, up from $105.5m in 2009.
“Our 25th year in business was distinguished by excellent profits and an enhanced underwriting result in the teeth of worsening market conditions," said Beazley chief executive Andrew Horton in a statement.
The improved result came despite a 57% slump in investment income to $37.5m from $88.1m. Gross written premium also fell slightly to $1.74bn from $1.75bn.
Beazley has increased its loss estimate for the New Zealand earthquake to $35m from an initial estimate of $15m to $30m. The new figure is based on a market-wide loss of $3bn to $5bn. Beazley's loss estimate for the Cghilean earthquake remains in the range of $55m to $75m.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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