Beazley
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The carrier pegs recent nat cat exposure at less than half Hiscox’s reserves estimate for the event, while rate growth quickens.
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The carrier forecasts a combined ratio range of 100 percent to 102 percent, based on normalised claims. -
The broker is working his notice before joining Beazley, and will be replaced by Shaunna Batabyal.
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Matthew Westhoff joins from Berkshire Hathaway Specialty Insurance.
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The carrier has been working with Pegasus since January to distribute its financial lines products.
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The products include the insurer’s Breach Response cyber cover for SMEs.
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Will Roscoe is taking on the newly created role, having been with the firm since 2011.
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Claims inflation looks set to squeeze reserve releases and offset the impact of rate rises.
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Analysts interpret the results as evidence of a "transitional year" for the London carrier.
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CEO Andrew Horton said the Californian wildfires also had a significant impact.
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CEO Horton says a "material change in sentiment" has pushed pricing up well above the carrier's earlier expectations.
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The carrier predicts double-digit premium growth this year, though notes that the second-half investment return will be weaker.
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