New research from Jefferies reveals the best (and worst) Lloyd’s underwriters
Beazley has risen to be the most profitable Lloyd’s underwriter for 2019 after finishing second the previous year.
New research from investment bank Jefferies revealed that Beazley reported net profits under IFRS of £148m, equal to more than a fifth (21.4%) of the market’s overall profits. This is despite the underwriter writing just 6.6% of the total premiums at Lloyd’s after reporting almost £2.5bn of gross written premium (GWP) for 2019.
Meanwhile, last year’s top ranking underwriter Hiscox slipped down the rankings to fall into the market’s bottom four underwriters after reporting a net loss of £91m under IFRS reporting standards.
The insurer issued a profit warning in November 2019 after it announced it was taking action in “preparing for a casualty catastrophe” as a result of the ongoing US opioid abuse scandal.
Subscribers can read Insurance Times’ full analysis of the research here.