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Markets News

Insurer Beazley flags underwriting loss, sees $80 mln catastrophe costs

Nov 6 (Reuters) - Beazley indicated on Friday that it would slip in to an underwriting loss for the year, as the specialist insurer set aside $80 million to pay out catastrophe claims and also reiterated its pandemic-related loss estimate.

The company, which in September doubled its claims estimate related to the coronavirus crisis to $340 million, said it expects a full-year combined ratio of around 110% versus the 100% it had forecast in July. A level below 100% indicates an underwriting profit. (Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips)

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