Insurer Beazley Pushed To 2020 Loss Over COVID-19 Claims

Law360, London (February 5, 2021, 3:03 PM GMT) -- U.K. insurer Beazley said Friday that claims related to COVID-19 had pushed the company to a $50 million pre-tax loss in 2020, with the prospect of a further multimillion-dollar hit this year if circumstances don't improve.

The London-based insurer said the pandemic had seen the company hit hard with event cancelation and business interruption claims. Beazley saw a pre-tax profit of $267.7 million in 2019.

So far, it said it has seen COVID-19 claims of $340 million after reinsurance, with the prospect of a further $50 million in claims if there is not a "resumption to some form of normality in...

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