Beazley has posted a dip in pre-tax profit to $168.0m (£121.2m) for the year ended 31 December 2017 (2016: $293.2m).
The Lloyd’s insurer’s chief executive officer Andrew Horton stated that this was due to natural catastrophe losses of $175m.
Its combined operating ratio further deteriorated to 99% (2016: 89%).
However, the provider’s gross written premiums increased by 7% to $2.34bn in 2017, compared to $2.19bn in the preceding year.
Beazley has previously said that it wants to in