Beazley upbeat despite profit dive
Wednesday 08 February 2012
Profits tumbled at the Lloyd's of London insurer Beazley last year, but its chief executive Andrew Horton still reckons it was a "strong performance in the worst year on record for insured natural catastrophes".
Beazley made a pre-tax profit for 2011 of $62.7m (£39.7m), down from $250.8m in 2010, reflecting $215m of catastrophe losses from earthquakes in Japan and New Zealand, tornadoes and hurricanes in the US and floods in Thailand and Australia.
Insurers absorbed an estimated $108bn of catastrophe-related claims in 2011, according to the reinsurer Swiss Re, making it the industry's second-costliest natural disaster year after 2005, when Hurricane Katrina devastated New Orleans.
Beazley also said it was expecting rival bidders to emerge for the Lloyd's insurer Hardy, which announced a strategic review at the end of last year. Beazley, which abandoned a £180m bid for Hardy in 2010, has said it is interested in another attempt.
Meanwhile, rival insurer Amlin said it was able to raise prices, helped by strong demand for catastrophe reinsurance. "Unprecedented catastrophe loss activity in 2011 has prompted a notable uplift in reinsurance rates," Amlin said.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
newsFormer soldier taped 33 of the animals to the floor and then stamped on them one by one
Michelle Nijhuis' daughter insists (s)he is, and she learnt a valuable lesson on gender in books
Geoffrey Macnab reviews American Hustle, also starring Christian Bale and Bradley Cooper
news Opponents claim it would stop performers such as Beyonce and Madonna appearing on TV
It takes a platoon of chefs, litres of brandy and rum, and almost 100kg of dried fruit
newsThat most ancient of crimes is on the rise, threatening farmers' livelihoods, community trust – and human health
Sun will 'flip upside down' within weeks, says Nasa
Lee Rigby murder: How killers Michael Adebolajo and Michael Adebowale became ultra-violent radicals
Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
Paul Walker death caused by speed alone
Apollo Theatre collapse: Scores injured after ceiling collapses in London's West End
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 North Koreans are gasping for the truth: Let's give it to them
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
- < Previous
- Next >
iJobs Money & Business
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...
£600 - £700 per day: Harrington Starr: Client based in West London is looking ...
£80000 - £120000 per annum + Benefits: Pro-Recruitment Group: Risk - Delivery/...
£Negotiable: Citifocus: This is a new role carrying responsibility for a numbe...