Beazley has reported a 250% increase to its profit before tax in 2019 at £206.4m (from £58.9m in 2018). Profit was driven by an investment return of £203.2m (£31.7m in 2018). The firm managed £2.3bn in GWP in 2019, up 15%. Overall GWP was just above £2bn in 2018. However, the combined ratio deteriorated to 100%, compared with 98% in 2018.

Chief executive officer at Beazley, Andrew Horton said that three of the firm’s divisions achieved double digit growth. “An adverse claims experience across several lines of business, leading to reduced prior year reserve re-leases, meant that our combined ratio rose to 100% for 2019,” he explained.

“Despite this, we are optimistic that the re-medial action that we have been taking across several lines of business in recent years, alongside the expected continued premium rate increase, will favour us as we move into 2020.”

Chairman of the firm, David Roberts said that the firm’s three main areas of focus were the impact of new technology and data-driven risk insights; Beazley’s role in the changes taking place at Lloyd’s (Beazley writing 85% of its business on Lloyd’s paper) and the maintenance and development of the company’s corporate culture.

He added that Beazley was “a strong supporter” of the reforms proposed in Lloyd’s Blueprint One. “Our London Market strategic initiative is designed to ensure that Beazley can benefit to the fullest possible extent from the changes as they are implemented.”

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