Beazley reports 75% drop in profits
Beazley has announced a reduced profit of $62.7m (£39.6m) for 2011, down from $250.8m in 2010.
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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