Preliminary Loss Estimate - Natural Catastrophe

RNS Number : 1684S

Beazley PLC

29 September 2017

 

Beazley plc

London, 29 September 2017

Preliminary Loss Estimate - Natural Catastrophe Events

Beazley plc's early estimate of the aggregate net cost of the recent Atlantic hurricanes Harvey, Irma and Maria and the series of earthquakes in Mexico is US$175 - US$275 million. The company is holding substantial catastrophe margins and estimates that at the midpoint these losses would reduce 2017 earnings by approximately US$150 million. Currently there is significant uncertainty surrounding the cost of these events. A further update will be included in the Q3 trading statement on 9th November, at which time the company should have much more information. The trading statement will also include guidance on the full year combined ratio.

For further information, please contact:

Beazley plc

Martin Bride

[phone]

Note to editors:

Beazley plc (BEZ), is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, and Asia. Beazley manages six Lloyd's syndicates and, in 2016, underwrote gross premiums worldwide of $2,195.6 million. All Lloyd's syndicates are rated A by A.M. Best. 

Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

 

END

 

 

MSCPGUPGBUPMGRR