LONDON – Beazley, a British blue-chip insurer, will hand shareholders around $300 million in a capital return after a strong performance in 2023, it said on Thursday.
In a performance update, the insurer said its undiscounted combined ratio – a measure of underwriting performance in which a level below 100 indicates a profit – had improved from low-80s to mid-70s last year.
“The company will announce its year-end results on 7 March when the quantum and method of additional return will be confirmed,” it said in a statement.
Insurers have met the challenges of claims related to events such as COVID-19, climate disasters and the war in Ukraine mainly by raising premium rates and excluding some business.
(Reporting by Kirstin Ridley, editing by Carolyn Cohn)