23rd Jul 2024 09:08
Beazley PLC - London-based specialist insurance underwriter, managing six Lloyd's of London syndicates - Confirms there is no change to its guidance for underwriting performance, following the global IT crash on Friday last week caused by a faulty software update by cybersecurity firm CrowdStrike Holdings Inc. Beazley notes that it is a leading cyber insurer but says that, "based on what is known at this point", the event will not change its guidance for an undiscounted combined ratio in the low-80s for 2024. A combined ratio below 100 means a profit on underwriting, so the lower the better. Beazley says it will profit an update with its first-half results on August 8.
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By Tom Waite, Alliance News editor
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