Beazley Underwriting Chief To Leave Company After 28 Years

22nd Mar 2018 14:35

LONDON (Alliance News) - Insurer Beazley PLC said Thursday Chief Underwriting Officer Neil Maidment will be leaving the firm at the end of the year.

Maidment has been with the firm since 1990, and has been in charge of underwriting for ten years. He will be succeeded by the head of Beazley's speciality lines business Adrian Cox.

In early February, Beazley said it had recorded an underwriting profit for 2017, despite one of the insurance industry's toughest years on record after numerous natural disasters, reflected in the fact overall profit fell sharply.

Beazley's pretax profit for the year 2017 fell 43% to USD168.0 million from USD293.2 million in 2016. The company achieved a "credible" underwriting performance, with a combined ratio of 99% compared to 89% in 2016, in a year in which the company said many insurers expect to post underwriting losses.

The combined ratio is a measure of an insurer's operating performance, and is a ratio of total costs to total net earned premium. A ratio of under 100% indicates an underwriting profit.

Beazley shares were up 0.4% on Thursday at 549.66 pence each.

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