Beazley Posts record gain for 2024 with COR of 74.8%

The specialist insurer Beazley reported a record gain of $ 1.423 billion for the entire year 2024, which increased by 13% compared to the $ 1.254 billion in the previous year.

Beazley, a insurance service result, achieved an insurance result of $ 1.236 billion in 2024, which has decreased slightly at $ 1.251 billion of $ 2023. In 2023, net insurance financing costs fell to USD $ 55.9 million in 2024, since net investment income rose from USD $ 574.4 million. All of this led to net insurance and a financial result of 1.754 billion dollars for 2024, which was an increase of 11% compared to the $ 1.577 billion in the previous year.

In the course of the year, the other income rose from $ 78.5 million to $ 106 million, while the operating costs rose from $ 365.8 million to USD 388.6 million. Beazley also booked some slight foreign exchange losses compared to the winnings in 2023, since the financing costs dropped to 39.3 million US dollars.

As a result, Beazley reported a record gain before taxes of 1.423 billion US dollars for 2024 and profit after taxes of 1.13 billion US dollars, compared to profit after taxes of 1.026 billion US dollars in 2023.

The insurer's claims was higher in 2024 with 43.1% (39.4% 2023) and the cost quota was flat with 31.7% (31.6% 2023), which led to a combined ratio of 74.8%, which is more than 2023 of 71%.

With regard to claims, Beazley emphasizes an active second half of 2024 marked by Hurricanes Helene and Milton.

In 2024, Beazley's assignment of reinsurance premiums sank after a period of active purchase less proportional reinsurance within his cyber risks and special risks from year to year by 32.1% to $ 764.9 million. In 2024, the amounts that can be rejected by reinsurers for claims that can be rejected by claims for claims decreased in 2024 compared to $ 528.5 million from 2023.

Since the gross estimates of the gross claims have gone together in the previous year, the amounts restored by the reinsurers have decreased together with the reduction in reinsurance insurance, explains Beazley. In 2024, the proportion of reinsurers in direct expenses increased from USD 3.6 million to USD 4.4 million.

“Our record profit of USD 1.4 billion and 79% and granted combined quota and strong premium growth are proof of the strength of our specialist knowledge. I am very happy about what our company has achieved in the middle of a challenging damage environment, including an active hurricane season, ”said Adrian Cox, Chief Executive Officer.

“This robust performance enables a share of $ 500 million and an ordinary rebase from dividends to 25p, which corresponds to an increase of 76%. We are still well capital to use growth opportunities in a developing market and maintain our strong financial performance in the long term, ”he added.

Before the insurer's various segments are discussed, it is worth noting that Beazley has recorded its net losses compared to January 2025 in Los Angeles, California, at around 80 million US dollars.

With regard to the premiums, all departments rose, but the map risks in 2024 compared to the previous year. Cyber ​​risks premiums rose from $ 1.276 billion from $ 1.276, digital premiums rose to $ 2,27.5 million, the risks of the real estate rose to $ 1.35.8.18 US dollars to $ 1,35,8.18 $ 1.351 to USD $ 1.351 to $ 1.351 to USD 1.351, USD 1.351. Billion. The card risks premiums fell from $ 964.3 million in 2023 to $ 950.3 million.

Turning to net Insurance Written Premiums, The Cyber ​​Risks Division Witnessed A Decline to $ 860.5 Million in 2024 from $ 912.9 million in 2023, as digital net premiums Increased to $ 202.4 million, MAP RISKS INCREASED to $ 859.3 million from $ 851.6 million, Property RisksT to $ 1,454 Billion from $ 1,157 Billion, and Specialty Risks Net Premiums Totaled 1.77 billion US dollars, compared to $ 1.572 billion in 2023.

The segment results were very solid in 2024, which was due to special risks of $ 476.5 million, which was 15% increase in the previous year. In the case of real estate risks, the result rose by 11% to $ 391.2 million and rose by 15% within MAP risks to $ 182.6 million and 16% to USD 355.4 million of cyber risks. In digital, the result fell by almost 4% to 57.1 million US dollars.

In 2024, cyber risks and digitally experienced an average change in installments of -5.5%or. -3.2%, while map risks, real estate risks and special risks an average positive rate change of 1.3%, 1.3%or. 1.4%recorded. In view of the steeper declines in cyber risks and digital decline in cyber risks, Beazley reported over an average rate of installment of -0.5% for 2024, compared to a profit of 4.3% in 2023.

Cox added: “I look forward to getting a record win again. This level of success, even when a challenging risk landscape and a moderating rating environment offered in 2024, is proof of the talent and hard work of the entire Beazley team as well as the support of our broker partners and the continuing commitment of our investors. I am grateful to all of you and look forward to what we will achieve together in 2025.

“In this age of the acceleration risk, there are considerable long-term opportunities for our business, which means that our customers need our specialist knowledge and our strong underwriting skills. And as we showed again in 2024, Beazley is a market leader who can offer himself against this opportunity when we go forward.

“We work in a cyclical market and one in which the conditions can change quickly. The industry continues to navigate in an active damage environment, including the latest natural disaster activity, which can lead to the prospects of prospects. However, our central expectation at this point is that prices will continue to be softer this year, and we predict the growth of medium -sized settings for 2025. The provision of the determination already made in January 2025 awaits that we will deliver a non -recorded combination rate in the mid -1980s. “