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The insurance company says its combined ratio slid to 109%.
Beazley plc gross premium written jumped to £2.60 billion.
Beazley plc (LON: BEZ) said on Friday that it concluded fiscal 2020 with a pre-tax loss of £36.83 million. The company, however, expressed confidence that a significant recovery is expected in 2021. In the previous financial year, it had posted £195.60 million of profit. In its statement on Friday, Beazley said:
“At Beazley, we felt the impact of the pandemic-related losses, reporting an estimated £248.43 million in first-party claims net of reinsurance in 2020, largely driven by our exposure to cancelled events, and to have ultimately yielded a financial loss has been disappointing.”