Beazley PLC reported Friday a swing to a pretax loss for 2020 driven by a deteriorated combined ratio and said that it is very positive about its performance in 2021.
The specialty insurer posted a pretax loss of $50.4 million compared with a profit of $267.7 million for the same period a year earlier.
"At Beazley we felt the impact of pandemic-related losses, reporting an estimated $340 million in first-party claims net of reinsurance in 2020, largely driven by our exposure to cancelled events, and to have ultimately yielded a financial loss has been disappointing," it said.
The London-listed company's combined ratio--which shows an insurer's underwriting profitability based on the ratio of net incurred claims plus operations expenses to net earned premiums--deteriorated to 109% from 100% in 2019.
Gross premium written rose to $3.56 billion from $3.00 billion in 2019.
Beazley expects to deliver a low-90s combined ratio for 2021, assuming average claims experience, and is confident it will return to paying dividends during the course of 2021.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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