Beazley H1 2023 trading update

This morning Adrian Cox, CEO of Beazley plc, gave a trading update on the first half of 2023. This was not their comprehensive H1 results which will be presented to investors on the 9th of September. Cox informed investors that Beazley had achieved growth of 13% in H1 and a risk adjusted rate change (RARC) of 5%, driven predominately by two areas within the business, property and cyber. The property account saw growth of 66%, with hardening rates in the reinsurance account also improving rates on the direct portfolio. In addition, the cyber account grew by 14% in H1, with Cox commenting that the noise created by Lloyd’s imposed war exclusion was quieting down. He went on to say that even though rates in the US were starting to drop off, the European cyber market was picking up and is an area of growth for the business. He also confirmed that at this time their net combined ratio forecast of high 80% for 2023 was still valid.

The full recording of the business update can be found here:

https://brrmedia.news/BEZ_H1