Beazley reveals interim results
Beazley plc has released its interim results for the first six months of the year.
The firm recorded unadjusted pre-tax profits of £69.9m, a substantial improvement on the 2008 figure of £46m.
However, pre-tax profits were £20.1m, a fall of over 50% from the previous year’s figure of £45m.
Both gross and net written premiums rose, up 46% and 17% respectively, and annualised investment return rose from 1.7% to 2.9%.
During the period covered, the firm acquired US underwriter First State for a cash consideration of $35.4m and its redomicilation to the Republic of Ireland was completed in July.
The firm relocated due to its desire for a lower corporate tax rate than that of the UK, whilst remaining in a politically stable country.
Beazley’s chief executive officer, Andrew Horton, has stated that the businesses performed well despite the ongoing difficulties in the operating environment.
Category: Companies News, Financials, Insurance News
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