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Market Cap: £7.59b

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Beazley CFO announces exit

Thu, 10th Aug 2023 07:38

(Sharecast News) - Beazley announced on Thursday that its chief financial officer Sally Lake is to leave the company next year, just two weeks after the company delivered an impressive set of results for the first half.

Lake will exit the insurance group in 12 months' time, and the board will now start to look for an external successor.

Beazley's chief executive officer Adrian Cox said in a statement: "Sally's commitment to an orderly succession will conclude a remarkable career with Beazley. When Sally leaves Beazley she will have spent five years in the CFO role and over 18 years in the business."

He also reassured investors that the company's guidance on growth, combined ratio and its long-term outlook remain unchanged, despite the finance chief's exit.

The FTSE 100 company, which is a leader in speciality liability insurance and cyber insurance, reported in late July that, after recalibrating results for the new International Financial Reporting Standards that came into place on 1 January 2023 (IFRS 17), pre-tax profit for the first six months of the year totalled $362m, compared with just $22m the year before.