Beazley First-Half Profit Triples on Increase in Sales and Currency Gain

Beazley Plc, a Lloyd’s of London insurer, said first-half profit more than tripled on higher sales and a foreign-exchange gain.

Net income climbed to $97.9 million in the six months to June 30, from $31.2 million a year earlier, the Dublin-based insurer said today in a statement. That beat the $43.1 million median estimate of three analysts surveyed by Bloomberg.

“Beazley delivered a strong result for the first half of the year -- a period marked by a series of catastrophe losses and continued intense competition in many lines of business,” Chief Executive Officer Andrew Horton said in the statement.

Lloyd’s of London insurers were hurt by record claims in the first half. Insurers’ losses from natural catastrophes including February’s earthquake in Chile and European windstorm Xynthia totaled $22 billion, more than double the average for the period since 2000, according to Munich Re. Lloyd’s insurers including Beazley are also liable for as much as $600 million in claims related to BP Plc’s oil spill in the Gulf of Mexico.

Revenue in the six-month period climbed 16 percent to $701.6 million. Beazley, reporting its results in U.S. dollars for the first time, posted a one-off foreign-exchange gain of $33.7 million.

To contact the reporter on this story: Kevin Crowley in London at kcrowley1@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email