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Underwriting discipline should result in lower claims. I’m really looking forward to BEZ final year results and the inevitable re-rate of this one.
Beazley plc posted interims for the HY ended 30th June yesterday. Insurance written premiums increased to $2,921.1m (2022HY: $2,574.3m), profit before tax increased to $366.4m (2022HY: $364.9m), the Group’s undiscounted combined ratio pushed up to 88% (2022HY: 74%), in line with previous guidance. The investment team achieved a strong investment result of $143.9m (30 June 2022: loss of $193.0m) or 3.0% annualised (30 June 2022: loss of 5.0%). Valuation is very attractive with forward PE ratio at 5.5x. Share price lacks near term momentum, other than that BEZ is a solid, growing and profitable insurance company which has made its way into the FTSE100. BUY....
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/BEZ/788
Absolutely agree the market is simply toxic right now and valuation make no sense unless lse plan on taking it all down to the abyss. Drop this morning on top of undervalued already price just toxic
Market certainly got this badly wrong if the H&L summary regarding the combined ratio is an indicator of why the share price fell so dramatically
The summaru reads as follows "(Sharecast News) - Insurance group Beazley said it remains on track to hit guidance after delivering record profits in the first half, though its combined ratio jumped.
Pre-tax profit totalled $366.4m in the six months to 30 June, up only slightly from $364.9m a year earlier, despite insurance written premiums rising 13% to $2.92bn.
Beazley said property insurance written premiums jumped 65% while cyber premiums rose 14%.
However, the company saw a sharp rise in insurance service expenses to $2.08bn fro $1.74bn a year earlier.
The combined ratio, a key measure of profitability calculated by dividing incurred losses and expenses by earned premiums (and therefore the lower the better), increased to 84% from 71%.
"We have confidence in the ability of our diversified platform, product and geographic strategy to continue to deliver and look forward to achieving mid-teens growth," said chief executive Adrian Cox.
He reiterated the group's guidance of a full-year combined ratio guidance in the "low eighties".
The eoy 2022 Results RNS 2nd March 2023 stated
"Taking the above into account, we expect to deliver a high-80s combined ratio for 2023 assuming average claims experience. Although significant geopolitical headwinds remain, I believe we are in an excellent position to sustainably grow our company and I am looking forward to all we will achieve together in 2023."
So H1 2023 interims and guidance are unchanged and the already depressed share price warranted an uplift rather than the initial 9% fall first thing.
07th Sept
When are they due? Cannot see RNS
Berenberg raises Beazley price target to 850 (825) pence - 'buy'
This reduction in share price is a result of Beazley buying some products from Vesttoo. Beazley haven’t done anything wrong and will correct the issue very quickly. A reduction in share price is ridiculous. Insurance and reinsurance premiums trading on an all time high! Profits over the next couple of years will be huge.
That refreshes.
The £8 price targets are great fun to see :)/ Let's get to £6 again 1st.
Let us see the scale og hits they take from losses related to fire-and weather-related events in North America and Europe. The pricing on catastrophy and cyber-related risks is surely going to have to rise from now into the long-term
Starting to look like a decent price to re-enter at.
Good results and a solid company with solid financial.
In today's news .... new Chairman buys £500k worth of shares and Jefferies raises Beazley price target to £9.30 (from £8.25).
I thought the results yesterday were excellent. The only downside being the investment return which was already well known and should not have surprised anyone.
It's hard to find fault with what they're doing and the progress they're making.
Nice.
Just read about this *575p placing
lowest price after placing 604p on day of RNS .
It then jumped back to 683p
A retrace 17th January with dip to 637p
No open offer so they do not look after existing share holders , and treat non shareholders better I will be looking for an out now.
Wed, 16th Nov 2022
Beazley raises GBP350 million in capital raise through share placement
Beazley PLC on Wednesday said it raised GBP350 million in a capital raise with "strong support" from existing shareholders.
It said 60.4 million shares were placed by JPMorgan Cazanove and Numis Corp PLC at a price of 575 pence each, while an additional 529,036 shares were subscribed through the PrimaryBid platform.
The price of 575p was a discount of 8.0% to the closing price of 625p on Tuesday, the day the capital raise was announced.
Shares in Beazley were trading 3.6% lower at 602.50 pence each in late trade in London on Wednesday.
Degiro is downgrading from A to B .
Hit a high of 687p 5th January 2023.
Back to 644p now , still above my slice at 633p 31/10/22 .
By 16/11/22 they had fallen back to 605p , I noted the pull back here .
13/10/23 I was in the greatest margin difficulty.
I was hoping to see £7. Fingers crossed everything goes to plan. GLA.
has gone from £4 to be fair.
Any ideas on what’s going on?
I thought the insurance industry was seeing huge rises in premiums?
Not looking a bad idea 15 days on, it has dropped back to the slice price I took , after topping at 661p on 9th November 20222. ( approx 5% higher )
Alexandra Jackson Fund Manager of Rathbone UK Opportunities in a promo video 26th November 2021 called Selecting Winning Stocks on PIWORLD, has this and explains why they chose it.
She also said "AIM index had a fantastic year" ( chart does show that to year ending September 2021 ) not so good before that and has fallen back since .
Explains why I was so high this time last year , but my personal portfolio highs topped out Easter 2022.
"You do not want to be a distressed seller when markets fall back sharply "
It appears they just sit back and do no buying or selling .
Fantastic job to have lol
This table is full of inaccuracies for weeks and despite several postings to the ST and Morningstar I have no courtesy of a reply. This week the following were omitted : Beazley, Darktrace,Haleon,Energean,Petershill,Scottish Mortgage,Virgin money,Watches of Switzerland amongst others. One wonders what sort of cretins are responsible? Any comments or information as to who to approach greatefully received.
Sliced a tranche today ( W ) @ 633.23 ( limit 633p 90 days ) 2pm within the hour of setting .
Transfered in 9/7/2021 after a year trapped in SVS admin .
Sold two same tranches 2/8/21 @ 399p & 9/8/21 @ 410p .
They continued rise after my sales topping @ 504p 16/2/22 .
They fell back to 386p 7th March 2022. Pity I did not buy those sales back in hindsight .
higher higher /lower lower . ?play your cards right .... more like it .
Yuri.F As you can see from the RNS, the drop in 1st HY profits is entirely due to poor investment returns over the last 6 months.
Premium rate increases were 17% and the combined ratio improved to 87% which is excellent and shows great underwriting discipline.
Improved investment returns in the 2nd half of the year and in the 1st half of 2023 mean that this time next year profits and the SP will be significantly higher.