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Insurer Beazley reports 24.7% profit increase for 2013


Insurer Beazley P.L.C. posted 2013 net income of $313.3 million, up 24.7% from 2012, the company said in a statement Thursday.

Net written premiums of $1.68 billion were up 8.7% from 2012. Net investment income for 2013 was $43.3 million, down 49.8% from 2012.

The company’s combined ratio improved to 84% from 91% in 2012, on “a low incidence of catastrophe losses,” said Chairman Dennis Holt in the company’s statement.

“Beazley delivered an exceptional underwriting performance in 2013, reflected in the lowest combined ratio we have recorded since becoming a public company in 2002,” said CEO Andrew Horton in the statement. “It was a quiet year for catastrophe losses, which contributed to the strong reserve releases from short-tail classes of business, but the business lines that are not exposed to catastrophes also performed excellently.”