StockMarketWire.com - Insurance company Beazley swung to a first-half loss as claims increased owing to the pandemic. For the half year ended 30 June 2020, the company reported a pre-tax loss of $13.8m compared with a profit of $166.4m on-year, while gross premiums were up 12% $1.6bn.
The first half of 2020 was defined by COVID-19 and claims arising from the pandemic have driven the combined ratio to 107%,' the company said.
'We have estimated that Beazley's pandemic-related losses will amount to $170m net of reinsurance split between political, accident & contingency ($70m) and marine, property and reinsurance ($100m),' it added.
Despite this, the company said a combined ratio of around 100% should be achievable for the full year. At 8:30am: [LON:BEZ] Beazley PLC share price was +13.3p at 444.3p
Story provided by StockMarketWire.com
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