Beazley announces results for Lloyd’s Syndicate 623
The board of Beazley Furlonge Limited, managing agency for syndicate 623, announces the following results on behalf of the syndicate, which writes business on behalf of Names at Lloyd’s.
The 2018 underwriting year is now closed at a loss of 2.7% on capacity having been impacted by natural catastrophes including the Californian Wildfires, Hurricane Michael and Typhoon Jebi. The 2019 underwriting year currently forecasts to close at a loss of 2.5% on capacity having been adversely impacted by claims related to the global COVID-19 pandemic. The 2020 underwriting year has also been impacted by the COVID-19 pandemic.
Andrew Horton, Beazley Group’s chief executive officer, commented,
“We are disappointed the syndicate has returned a loss on capacity of 2.7% on the 2018 underwriting year. Both the 2019 and 2020 underwriting years have experienced above average claims across our contingency line of business. In 2021 we have seen encouraging market conditions which, along with the benefit of our recent years of underwriting actions, gives us confidence as we continue to build on our growth during 2020.”
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