Beazley first-half profit hike
Lloyd’s of London insurer, Beazley, report its first-half profit has more than tripled on higher sales and a foreign-exchange gain. Net income climbed to $97.9 million in the six months to June 30 from $31.2 million a year earlier.
“Beazley delivered a strong result for the first half of the year—a period marked by a series of catastrophe losses and continued intense competition in many lines of business,” CEO Andrew Horton said.
Lloyd’s of London insurers were hurt by record claims in the first half. Insurers’ losses from natural catastrophes, including February’s earthquake in Chile and European windstorm Xynthia, amount to some $22 billion, more than double the average for the period since 2000, according to Munich Reinsurance Co.
Revenue in the six-month period climbed 16% to $701.6 million. Beazley, reporting its results in U.S. dollars for the first time, posted a one-time, foreign-exchange gain of $33.7 million.
