(Reuters) – Beazley PLC has set aside $ 125 million to take into account claims related to natural disasters, including Hurricane Ida and the European floods, the British insurer said on Friday.
The London-listed company, which provides property / non-life insurance, cyber and political risk insurance, said they now expect its combined ratio – a key measure of an insurer's profitability – to be in the mid-1990s for the year. A ratio below 100 indicates an insurance profit.
The insurance company Lloyd & # 39; s of London said that gross premiums increased by 29% to USD 3.27 billion in the nine months to September from the previous year, with interest rates in cyber and executive risk the division rising 48%.
"I am still excited about the potential of the cyber market," Beazley CEO Adrian Cox said in a statement. "The momentum from the first half of the year has held up into the second with interest rate hikes and premium growth exceeding our expectations."
Beazley shares rose 2.4% to 405.8 pence at 0834 GMT.
Beazley's rivals Lancashire and Hiscox have also posted strong premiums this year, as British insurance companies are booming from a steady improvement in prices.