Beazley has recorded a loss before tax of £10.8m for the first half of 2020 and a combined ratio of 107%, which has deteriorated from 100% for the same period the previous year.

The insurer said the loss was largely due to pandemic-related claims. It estimated these at £133m net of reinsurance.

Andrew Horton, chief executive officer at Beazley, said: “The first half of 2020 was defined by COVID-19 and claims arising from the pandemic have driven the combined ratio to 107%, with Beazley recording a loss before tax of US$13.8m. Despite this we expect a combined ratio of around 100% should be achievable for the full year."

He added: “Beazley achieved strong premium growth of 12% in the first half of 2020, with three of our seven divisions achieving double digit growth. Rates on renewals continue to increase across the market with average rate increases of 11% seen across our business as a whole. Our investments returned 1.4% for the first six months against the backdrop of a volatile investment market.”

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