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In the FTSE 100, insurers were among the better performers early Friday. Aviva rose 3.9%, M&G climbed and Prudential were both 1.9% higher. The trio benefited from a positive read across from mid-cap peer Beazley, which itself rose 1.2%.
Beazley posted a rise in gross premiums written after its third quarter of trading. In the nine months ended September 30, gross written premiums surged 16% year-on-year to USD2.53 billion. Beazley said it has seen growth in almost all of its divisions.
Looking ahead, Beazley said Covid-19 related claims may climb by USD50 million should there not be a return to "some form of normality" in the second half of 2021. Back in September, it said its claims estimate for Covid-19 was USD340 million net of reinsurance, which it kept in place on Thursday. Beazley said it expects third-quarter catastrophe claims to be USD80 million net of reinsurance.
Beazley gross premiums rise 16%
Fri, 6th Nov 2020 07:02
(Sharecast News) - Global insurer Beazley said gross written premiums rose 16% in the year to date driven by rate increases across all its divisions.
The company on Friday said premiums for the nine months to September 30 came in at $2.5bn, compared with £2.19bn a year earlier.
"Our initial estimate of the costs of the third quarter catastrophe events including hurricanes Laura and Sally and the wildfires in California is approximately $80m net of reinsurance and reinstatement premiums," Beazley said.
This is one or my longer term buys. The Syndicate will have Reinsurance in place to cover losses over a certain amount of their retention and then will benefit after the pandemic has long gone with higher premiums to recover the losses paid out. If they were unaware of this type of loss (i.e. business interruption by disease) then this will be rated in future for those who have it but who did not even think of it before. They will in time do very well out of this I am sure. The other thing is they will have paid out less for other types of losses. I.e. Some of their biggest losses would have been with aircraft crashes. How many are flying now?
Just spotted the opening trade @ 558 .
There can be only one reason for opening it there and that is to attempt to knock out stop losses and pick up more shares on the cheap. They patently failed .
The blatant manipulation that occurs in the " free and fair " FTSE is something to behold.
in conjunction with a ( very convenient ?) broker downgrade have added to their short near the recent top , so it is very possible that this will make a swift recovery as they buy back to take profit.
A divi is also coming up which should add to any impetus .
This should keep going IMHO -just like Admiral Syndicate at Lloyd's did. They obviously are writing a selective prime book of business here and benefitting from the rest of the Lloyd's market rate increases whilst having a very efficient premium investment team for income as well as sound Reinsurance/protecting their own book. The business they are in if more of the Reinsurance type will not have Large claims appear for a good couple of years - so make the most of the premium income. Problems is the results are so good they like many other Lloyd's syndicates before them are really now liable for a take over . So we will have a run to a far higher level for a while yet in my opinion.
Im out i love BEZ lol
Have crept in again !!!
That makes this a stonking buy IMHO.
I have re bought today, made some lovely money with BEZ. this year, one last punt and a special divi will see me HAPPY LOL
So I assume some broker has tipped this. Fairly beaten down of late and unfairly so imo. A very good buying opportunity with 10% upside possible.
02-Dec-19 Beazley (BEZ) Morgan Stanley Overweight 690.00 660.00 Reiteration
Really good upside if Morgan Stanley are correct.
Sees some value in the falling SP. I am in for more.
Ridiculously oversold. A huge jump recently on the update. The sell-off seems related to a broker note widely followed by investors. The sell-off is a buying opportunity as BEZ's earnings are cyclical but robust.
The falling sterling will actually help Beazley as most Lloyd's Underwriters account in Usd which will mean a greater premium income equivalent when converted back into sterling.
This will increase the likelihood of an increase in rates. Good solid growth means a growing economy and investment income for Beazley on premium income. At this price a strong buy. More Brexit good news helps too.
With rising interest rates premium income will rise. Also with claims should come rising premium rates To be honest Beazley have been a player for a long time and will know this, as well as if they can purchase their own reinsurance at a cheaper rate their own losses will be less. They may even benefit from the recent Storms!! .
Safe play here accumulated a good few past few years . Sit and hold can't loose over time
I've been reinvesting their div and special divi for years. Solid company that keeps on delivering good results without much fanfare. I like the hint in the report that their America business has lots of opportunities and share yet to secure
Great results and nice div . Still a decent buy / add
Well, the sp has fallen back quite a bit since my last post. Not a bad trading update but let us see how the market reacts.
Touched today! This will breakthrough 400p definitively soon. I'm still holding.
Interim results last week were solid. Maybe some are now starting to absorb the results.
Possibly and FT keeps on flagging BEZ as a candidate. Happy to hold and see what plays out. BEZ is getting on with things and delivering regardless of others' interest
With todays agreed bid for Amlin, could we become the next target ?.
Beazley progresses as usual, quietly and firmly exceeding analyst/broker forecasts as ever
Solid results, no surprises, good to see the management continuing to acknowledge and response to competitive pressures.