Plc announces results for 2019 year end – Hampden Comment We have been looking “under the bonnet” of Beazley’s 2019 year-end results and have the following
Read moreAgency Partners (“MAP”) has announced the 2017 year of account results and the latest forecasts for 2018 for its syndicates 2791 and 6103, as follows:-
Read moreBeazley Plc has reported its 2019 year-end results today to the London Stock Market. The key numbers are: · Profit before tax of $267.7m (2018: $76.4m) · Return on equity of 15% (2018: 5%) · Gross premiums written increased by 15% to $3,003.9m (2018: $2,615.3m) · Combined ratio of 100% (2018: 98%) · Rate increase on renewal portfolio of 6% (2018: 3%) · Prior year reserve releases of $9.5m (2018: $115.0m) · Net investment income of $263.7m (2018: $41.1m) Commenting on the results, Andrew Horton CEO of Beazley said: “Beazley achieved a profit before tax of $267.7m in 2019, driven by a very strong investment return of $263.7m. Overall gross premiums written increased by 15% to $3,003.9m, with three of our six divisions achieving double digit growth.” “An adverse claims experience across several lines of business, leading to reduced prior year reserve releases, meant that our combined ratio rose to 100% for 2019. Despite this, we are optimistic that the remedial action that we have been taking across several lines of business in recent years, alongside the expected continued premium rate increase, will favour us as we move into 2020." Encouragingly, Beazley witnessed rate increases on renewal portfolios of 6%, double the previous year. Prior year reserve releases however reduced to $9.5m for the year, down from the 2018 figure of $115m. As soon as we have the syndicate 2017 Account results and updated forecasts we will publish these. The full report can be accessed here
Read moreRe’s and Guy Carpenter’s reviews of the January 2020 renewal season make the same points for the main sectors, summarised below: Retrocession (see diagram below for
Read more“Reinsurance Market Outlook” of January 2020 summarised the more important factors affecting the January renewals:Summary2019 Global catastrophe losses – Aon estimated these at some US$62bn;
Read moreLloyd’s announced yesterday that Jon Hancock has decided to step down as Performance Management Director in 2020.
Read moreThe Australian wildfires have deservedly received extensive news coverage with vivid pictures portraying the immense damage and scale of these fires which have been raging predominantly in south-east Australia but also across all six of the Australian states (New South Wales, Victoria, Queensland, Western Australia, South Australia and Tasmania) following the earlier start than normal of the widlfire season in September 2019.
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