Beazley, a specialist Lloyd’s of London insurer, has suffered a $193m investment loss as a result of the market downturns triggered by the war in Ukraine.
According to a report by the Financial Times, the insurer said the war had created a mix of “excess demand and supply constraints [which] impacted the financial markets, leading to an usual trading environment.” Stating that as the reason pre-tax profits fell by nearly 90% to $22m.
However, Beazley’s shares increased by about 10% in London. The insurer reportedly said this due to improved underwriting following big cyber and natural catastrophe-related losses.
Adrian Cox , Beazley chief executive told the Financial Times, “There are lots of risks out there that are higher, including macroeconomic conditions, inflation and recession, including geopolitical conditions, including the impact of climate change. The difference between now and four years ago is that we are charging for it.”
Earlier this year, partnered with InsurTech Cytora to automate risk processing and accelerate profitable growth.
Copyright © 2022 FinTech Global
