(Reuters) – Beazley PLC announced on Friday that it would make an insurance loss for the year, as the British special insurance company set aside $ 80 million to pay out disaster claims and reiterated its pandemic-related loss estimate.
Beazley said the first disaster estimate included Hurricanes Laura and Sally and the California wildfires.
The company said it expects a full-year ratio of around 110% compared to the 100% it had predicted in July. A level below 100% indicates an insurance result.
"At this point, a dividend on FY20 seems unlikely," said JP Morgan analyst. They also lowered their pre-tax profit estimate for 2020 by $ 43 million to a loss of $ 98 million.
Beazley, which manages six Lloyds syndicates, doubled in September its damages estimates related to the coronavirus crisis to $ 340 million, with almost the entire increase caused
The company said the return on investment fell to $ 1
The shares in Beazley, which provide accident and real estate, cyber and political risk insurance, are on track for their worst annual results with a decline of 45% to date.
Rivals Hiscox Ltd. and Lancashire Insurance Co. Ltd. this week estimated up to $ 75 million each in disaster losses.
More insurance and risk management news about the coronavirus crisis here .