Beazley uncertain of Sandy impact

Specialist insurer Beazley said it was not yet possible to quantify the impact Hurricane Sandy would have on business.

Specialist insurer Beazley said it was not yet possible to quantify the impact Hurricane Sandy would have on business.

The firm said its current focus was on ensuring it supported customers affected by the 'superstorm' that hit the United States.

It noted that in all other areas the claims environment during 2012 had been relatively benign with lower than average levels of claim notifications.

"Assuming any claims Beazley incurs from Sandy are covered by catastrophe margins, we anticipate achieving a combined ratio for the year around 90%," the company said.

Beazley reported gross premiums written for the nine months ended 30th September were up by 9% when compared with the equivalent period of 2011.

It noted significant increases in the firm's marine division, driven by additional premium in its energy business

Growth in the company's specialty lines division was driven by new product lines and positive rate increases, it added.

MM

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