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Beazley P.L.C. on Thursday reported pretax profit of $261.9 million for 2014, down 16.4% from 2013 in part because of lower reserve releases.
The Dublin-based insurer and reinsurer, which manages syndicates at Lloyd’s of London as well as insurance companies, said that in 2013 the company reported what it described as “above average” prior-year reserve releases of $218.0 million, compared with $158.1 million in 2014.
Beazley reported a combined ratio of 89% for 2014 compared with 84% for 2013.
Beazley’s gross written premiums for 2014 were $2.02 billion, up 2.5% compared with 2013. It reported investment income of $83.0 million for 2014, up 91.7% from 2013.
Beazley said rates on its renewal portfolio fell by an average of 2% during 2014 compared with an average 1% increase over the course of 2013.
Andrew Horton, CEO of Beazley, said he was pleased with the company’s combined ratio in an “increasingly competitive market.”
Beazley operates syndicates 623, 2623, 3623, 3622, sidecar syndicate 6107, a U.K. insurance company, and an admitted U.S. insurer, and has offices around the world.
Insurer Beazley P.L.C. has set up an office in the Dubai International Financial Centre to cover terrorism risk, political risk, trade credit and contingency insurance, reported Asia Insurance Review.