Beazley shares up on sharp profit increase

Shares in specialist insurance group Beazley (LON:BEZ) climbed by 4.19% to 559p (as of 13:15 BST) after it announced that pre-tax profits for the six months ended 30th June rose by 189%. Gross written premiums were up by 12% relative to the same period of 2018.

CEO Andrew Horton commented: “Beazley achieved strong premium growth of 12% in the first half of the year. Claims concentrated largely in our marine and reinsurance divisions drove our combined ratio to 100%, but premium rates have adjusted accordingly and margins in many lines of business now look healthier than they have in some years. We expect to achieve double digit growth over the full year, while continuing to reserve prudently.

“Our investment return was 3.3% for the first half of 2019, with nearly all asset classes performing strongly. Investment returns are expected to be lower in the second half of the year“.