Price hikes of 10% attract Lloyd’s insurer to more storms

Andrew Horton, the new chief executive of Lloyd’s insurer Beazley, has told The Times it will increase its exposure to catastrophes, including earthquakes and natural storms, to about $510m (£348m) after 10% price hikes.

Beazley has just completed the acquisition of First State, a commercial property specialist, that will give it further inroads into the US. Horton said Beazley, which took $270m in premiums from its American operations last year, planned to increase that to about $1bn.