Covid-19 hit pushes Beazley into pre-tax loss in H1 2020
Provider expects its pandemic-related losses to amount to $170m as it takes underwriting action in its liability lines of business.
Beazley has reported a pre-tax loss of $13.8m (£10.8m) for the first six months of 2020 (H1 2019: profit of $166.4m).
The provider also explained that impact from claims arising from Covid-19 had driven its combined operating ratio to 107%, compared to 100% in the first half of last year.
Beazley estimated that its pandemic-related losses to amount to $170m net of reinsurance split between political, accident and contingency ($70m) and marine, property and reinsurance ($100m).
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