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Pin to quick picksBeazley Share News (BEZ)

Share Price Information for Beazley (BEZ)

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Share Price: 644.50
Bid: 644.00
Ask: 645.00
Change: -7.00 (-1.07%)
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Open: 653.50
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Beazley gross premiums up 22%

Fri, 11th Nov 2022 07:03

(Sharecast News) - Insurer Beazley reported a 22% rise in gross premiums for the first nine months of the year and initial estimated losses from Hurricane Ian would be $120m.

It added that guidance for a combined ratio of high 80s remained in place.

Beazley reported a market-to-market investment loss of $289m, or 3.6% for the year to date as a result of rising interest rates.

"Risk assets have also seen weakness, as global equity markets fell by more than 25%. At 30 September, our fixed income portfolio had a duration of 1.9 years and a market yield of 4.6%, which is indicative of the much higher returns we hope to achieve in future periods, once yields stabilise," the company said.

Written increased premiums came in at $3.9bn compared with $3.27m a year ago. Premium rates on renewal business increased by 17%.

Reporting by Frank Prenesti for Sharecast.com

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