Lloyd's insurer to use US dollars

Lloyd's insurer Beazley is changing its reporting currency to US dollars for the 2010 financial year onward.

The move follows an earlier announcement in January 2010 that the group's underwriting capital would be maintained in the principal underwriting currencies of its written premiums, as a result of growth and planned growth in its US dollar business.

"We believe that this change will give investors and other stakeholders a clearer understanding of the group's performance over time," Beazley said in a statement.

"Reporting in US dollars will significantly reduce the future volatility of Beazley's reported earnings due to foreign exchange movements, and in particular the magnitude of any impact of foreign exchange on non-monetary items."

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