Beazley profits rocket

8th Feb 2011 07:45

Specialist insurer and reinsurer Beazley pumped up profit by 59% in 2010 and is in the mood for acquisitions.Profit before tax swelled to $250.8m from $158.1m in 2009, though this year's number was boosted by a one-off foreign exchange gain of $33.7m.Its combined ratio improved by two percentage points to 88% from 90% last time despite competition increasing across most of its lines of business. A figure of less than 100% indicates an underwriting profit.Gross premiums fell 1% from 2009 to $1.74bn and premium rates on renewal business dropped 2%compared with a 3% increase the year before.The company, which had a bid for rival Hardy Underwriting turned down last year, said it is on the lookout for teams of underwriters, underwriting agents or small or medium sized insurance companies.There's a second interim dividend of 5.1p a share plus a special payout of 2.5p, which gives a total dividend for the year of 10p, up from 7p in 2009."Our 25th year in business was distinguished by excellent profits and an enhanced underwriting result in the teeth of worsening market conditions," chief executive Andrew Horton said.