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I bought in mid-January £5.08 as SP looked very low . just sold some for 564 on 20th & sold rest today. One of my rare successes lol GLTA
Nick, thanks. Understand better now. I've always thought BEZ are a very professional yet proactive company. I particularly appreciate how measured and detailed they are in their RNSs, focused on performance and not on hype or promises.
It is additional reinsurance to protect Beazley in the event of a very large (catastrophic) cyber event e.g. a successful cyber attack on a cloud services provider carried out by a rogue state.
Cat bonds are common in property reinsurance but this is one of the first for cyber reinsurance.
Currently, Beazley and other cyber insurers will often apply a sub-limit on cyber policies for catastrophic losses such as these. Potentially, this may allow Beazley to provide more coverage or transfer the risk.
It's just a further demonstration of Beazleys expertise and capabilities in cyber insurance which is the fastest growing class of insurance, and the biggest class that Beazley writes in terms of GWP.
Troajan, what does that mean? BEZ buying into them as part of its investment holdings? Or were they talking about some form of cyber risk insurance bond product that BEZ are participating in designing and help alleviate potential direct underwriting losses? Excuse my ignorance
On the menu for bez.....bloomberg news tv says
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?