Beazley’s pre-tax profit halves in 2018

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Beazley has reported a 55% drop in pre-tax profit for the year ended 31 December 2018.

The Lloyd’s provider posted a pre-tax profit of $76.4m (£59.2m) in 2018 compared to $168.0m in 2017.

Chief executive officer Andrew Horton explained that the drop was due to a decline in investment returns.

The results were also impacted by severe natural catastrophe claims from the wildfires in California.

According to the insurer its catastrophe reserves had already been depleted from 2017’s heavy

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