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Home / Insurance / Beazley flags insurance loss, sees disaster costs of $ 80 million

Beazley flags insurance loss, sees disaster costs of $ 80 million



(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

24 million on September 30 from $ 215 million a year earlier and warned that its interest-bearing assets are unlikely to make a significant contribution to returns in the immediate area. future due to low US bond yields.

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 .

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