Beazley slumped to a $24.2m loss for the half year compared to a profit of $115.5m in the same period last year.
Combined ratio deteriorated to 108% (2010:90%).
Beazley chief executive Andrew Horton admitted the Lloyd’s underwriter was a victim of the catastrophe losses that have hammered insurers across the globe.
Horton said: "Beazley benefited from its diverse underwriting portfolio in the first half, as profits from noncatastrophe exposed classes of business enabled us to largely absorb the impact of record insurance industry catastrophe losses.
“In the absence of further catastrophes we expect a mid nineties combined ratio for the full year.
"Further large losses in the second half would likely cause significant capital erosion and sharply rising premium rates across the industry. Beazley is well prepared for such a scenario, in which our underwriting skills, operating platform and financial flexibility should position the group favourably.”
Highlights
Six months ended 30 June 2011 Six months ended June 20 2010
GWP($m) 924.8 940.6
NWP 635.5 624.7
Dividend share 2.5p 2.4p
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