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BRIEF-Insurer Beazley expects catastrophe hit to earnings of $175 mln
November 9, 2017 / 7:14 AM / in a month

BRIEF-Insurer Beazley expects catastrophe hit to earnings of $175 mln

Nov 9 (Reuters) - Beazley Plc

* Trading statement for 9 months ended 30 sept 17

* ‍gross premiums written increased by 6% to $1,762m (2016: $1,666m)​

* ‍premium rates on renewal business decreased by 1%​

* ‍year to date investment return of 2.4%​

* ‍catastrophe events will naturally affect our full year results but our diverse underwriting portfolio continues to serve us well​

* ‍our decision to cease writing business in australia also had a negative impact on premium of approximately $10m​

* ‍our reinsurance division experienced a decrease in premium of 11% year on year​

* ‍we have updated our view of natural catastrophe events in second half of 2017 to include california wildfires and expect claims in region of $200-300m net of reinsurance with an impact​

* ‍impact, at midpoint of these losses, of $175m on profit before tax​

* ‍our expectation is that our combined ratio for full year 2017 will be around 100%​ Source text for Eikon: Further company coverage: (Reporting By Carolyn Cohn)

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