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The combined ratio included 17 points of catastrophe losses in the third quarter. -
The carrier increased specialty premium by 39% by the nine-month mark.
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The CEO said the property market was in a “super-good place”, and increased competition was inevitable.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
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Rob Lusardi and Michael Dawson are to step down after eight years as directors.
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The A&H market had improved performance between 2020 and 2023.
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The carrier said an active hurricane season and a global cyber event had not altered its full-year guidance.
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The carrier increased insurance revenue by 16.8% to $1.3bn year on year.
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Losses were attributed to the Taiwan earthquake and flooding in Middle East and Europe.
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The business is being marketed off around £15mn Ebitda, sources said.
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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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