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Member, Beacon International Group, Ltd.
LONDON--Lloyd's of London insurer Beazley Group P.L.C. reported net profits of £15.3 million ($27.7 million) for the first half, up sharply compared with £1.7 million ($3.1 million) in profits for the year-earlier period.
In a statement, London-based Beazley said the improvement reflected the company's second year of operation as a publicly traded insurer. Beazley, which manages Lloyd's of London syndicates 623 and 2623 and provides capital to syndicate 2623, completed an initial public offering in November 2002.
In the first half of 2004, Beazley reported £125.3 million ($226.8 million) in earned premiums, net of reinsurance, up from £28.3 million ($51.2 million) in the same period last year. Beazley's syndicates recorded gross written premiums of £394 million ($714.2 million), up 12.3%.
The group's combined ratio deteriorated slightly to 85% for the first half from 80% in the prior-year period.
In announcing its results, Beazley said it plans to start a U.S. operation, Beazley USA Services Inc., in November. Beazley said it would allocate around £20 million ($35.5 million) of its 2005 capacity to the Hartford, Conn.-based unit.
Beazley's shares on the London stock exchange closed at 95.5 pence ($1.70) on Wednesday, up 2.14% over the closing price Tuesday, the day before the earnings release.