February 6, 2020 / 7:25 AM / 16 days ago

Insurer Beazley's annual profit surges, but flags some underpriced markets

Feb 6 (Reuters) - Beazley Plc on Thursday reported a leap in 2019 profit, but cautioned that some markets including property reinsurance remain underpriced, adding that the insurer will continue to walk away from business that do not meet its pricing needs.

The company, which provides casualty and property, cyber and political risk insurance, said its pretax profit touched $267.7 million for the year ended Dec. 31 from $76.4 million a year earlier as it witnessed a 15% jump in gross premiums written.

Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips

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