- Beazley
- 04 March 2025 08:52:05
Source: Sharecast
The wildfires, which occurred since the end of the last financial year, is expected to result in a "net claims impact of around $80m".
"The January 2025 California Wildfires were another significant market event and one which further demonstrates the increasingly volatile, complex and changing risk environment we are operating in," said chief executive Adrian Cox.
For 2024, pre-tax profits reached a record $1.42bn, up 13% on 2023, helped by a 10% increase in insurance written premiums to $6.16bn. The undiscounted combined ratio (COR) was 79.0%, up from 74% in 2023.
"This result was delivered in a year with a significant global IT outage, an active hurricane season and ongoing geopolitical volatility, illustrating the resilience of our business," Cox said.
Beazley said the strength of its results supports a "one-off rebasing" of the ordinary dividend by 76% to 25p per share.
Shares were 0.7% lower at 887.5p by 0849 GMT.