Beazley swings back into profit
Beazley has reported a profit before income tax of $112.9m [£71.89m] for the six months ended 30 June 2012, reversing a loss of $24.2m in the same period of 2011.
The insurer saw gross written premiums increase by 10% in the half year to $1,013.1m (H1 2011: $924.8m) and delivered a combined operating ratio of 91%, a 17-point improvement on the 108% it achieved in the first half of the year before.
The provider noted that its claims experience in the first half of 2012 had been relatively benign, with claims notifications lower than normal and loss development in line with it expectations. Investment income was also up at $36.1m (H1 2011: $22.5m).
It added
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