Covid claims push Beazley to $50.4m loss in 2020
COR deteriorates to 109%, but the provider says its outlook is positive as it also posts 19% rise in GWP.
Beazley has revealed a pre-tax loss of $50.4m (£36.8m) for the full year 2020, compared to a profit before tax of $267.7m in the preceding year.
The provider also reported a worsened combined operating ratio of 109% for the year, compared to 100% in 2019. It detailed that this was driven by Covid-19 related claims.
The business further posted an underwriting loss of £239.3m (2019: profit of $4m)
However, gross written premiums increased by 19% to $3.6bn in 2020, up from £3.0bn in 2019, while
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