Beazley reports 75% drop in profits

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This represents a 75% loss in profits.

The Lloyd’s insurer also reported a worsened combined ratio of 99%, compared to 88% for 2010.

Gross written premiums fell by 2% from $1,741.6m in 2010 to $1,712.5m last year.

Andrew Horton, CEO of Beazley, said: “Beazley delivered an underwriting profit in 2011 – a strong performance in the worst year on record for insured natural catastrophes.

He added: “The market remains competitive for many lines of business but, overall, we expect profitable growth

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