Beazley takes $90m Sandy hit

Lloyd’s insurer Beazley expects net losses of about $90m (£55.9m) from Superstorm Sandy.

Beazley said the majority of Sandy claims will be covered by catastrophe margins.

“The company therefore expects a full year 2012 combined ratio in the low 90s,” it said in a statement.

Earlier this week, Chubb said it expects to make an after tax loss of approximately $570m from the US storm, and ACE could take a hit of approximately $380m.