Beazley
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang. -
The carrier increased gross written premiums by 13% to $2.92bn, while the combined ratio deteriorated by 13 points from a prior-year figure of 71%.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
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Sally Lake has spent 18 years at the carrier, including the last five as CFO.
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Beazley and Lancashire’s plans to launch US units exemplify wider competitive challenges that the market must overcome to thrive.
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The carrier’s before-tax profit leapt by $356mn to $547mn under the new IFRS 17 reporting standards.
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The carrier warned that if members do not back its proposals, it will continue with plans for a US E&S carrier without compensation.
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This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.
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The CEO said the business shift would be structurally simpler, as he said Beazley was “very confident” on its reinsurance cover despite exposure to Vesttoo.
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The carrier reported a 66% increase in GWP for its property business.
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The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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The revision reflects AM Best’s expectation that Beazley will maintain its risk-adjusted capitalisation "comfortably at the strongest level”.
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