Following a solid year, specialist insurer Beazley has revealed that as well as an ordinary dividend, shareholders will receive an additional capital return in respect of 2023, anticipated to be around $300m.
The firm has also provided an update to guidance on its undiscounted combined ratio, which has reportedly improved from low-80s to mid-70s for 2023 due to better-than-expected claims experience during the year.
Beazley said it will announce its year-end results on 7 March “when the quantum and method of additional return will be confirmed”.
Back in November, the specialist insurer reported insurance written premium growth of 9% to $4.3 billion for the first nine months of 2023, as the firm took advantage of opportunities in the property market. Net insurance written premiums rose 26% year-on-year to $3.5 billion in 9M 2023.
Meanwhile, premium growth in the firm’s Property Risks division of 63% to $1.1 billion more than offset declines in other segments. The property unit also saw rates increase by 24% during the period.
Beazley noted at the time that there were exceptional conditions in the property market, adding that these favourable conditions will persist into 2024.
Meanwhile, in Cyber Risks, premiums rose 4% to $872 million in 9M 2023. Beazley said that it feels that pricing is adequate in the sector, given the rate rises since 2019.
