Beazley’s profit before tax soars 115%

Beazley has reported its profit before tax leapt to $1.25bn (£984m) in 2023, a 115% increase on the year before.

It posted insurance written premiums of $5.6bn (£4.39bn) for 2023, a 7% increase on the year before. It saw rate increases of 4%, down from the year prior’s 14%.

The combined ratio improved to 71% from 79% in 2022.

Driver

Adrian Cox, CEO of Beazley, said: “The strength of Beazley’s expertise-led underwriting and claims management was the driver of the excellent combined ratio we achieved in 2023. 

“We believe that with increased demand for insurance that the accelerating risk environment is creating

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