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LONDON (dpa-AFX) - Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) reported that its first-quarter gross premiums written increased by 16% to $971 million from last year.Premium
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LONDON (dpa-AFX) - Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) announced Wednesday the appointment of Adrian Cox as the Chief Executive Officer, effective April 1.
Cox succeeds Andrew Horton, who is leaving the company to become the Group CEO of QBE Insurance Group Limited in Australia. Horton will remain with Beazley until March 31 and is not expected to take up his new role until September 1.
Cox has been with Beazley for 20 years, most recently as Chief Underwriting Officer and has over 25 years of industry experience. He has been a member of the Beazley Board since 2010.
Following Cox s appointment, Bethany Greenwood will be the interim CUO of long tail underwriting and Tim Turner will be the interim CUO of short tail underwriting. These responsibilities will be in addition to their current roles, while the company conduct the process to appoint a new CUO.
Beazley Slips To Loss In FY20, Premiums Written Climb; Expects To Grow Profitability In FY21
Loss per share was 6.3 pence, compared to profit of 35 pence a year ago.
Net assets per share was 219.1 pence, down 7 percent from 235 pence a year ago.
Gross premiums written increased 19 percent to $3.56 billion from $3.00 billion a year ago, supported by rate rises across most of its divisions.
Net premiums written increased 17 percent to $2.92 billion from $2.50 billion in the prior year.
The combined ratio was 109 percent, compared to last year s 100 percent, heavily impacted by the volume of COVID-19 related claims in this unprecedented year.
Net investment income declined to $188.1 million from $263.7 million a year ago.