The 2018 underwriting year is currently forecast to close with a loss on capacity of slightly in excess of 10%. The 2019 underwriting year, has been impacted by losses relating to storm Dorian and Typhoons Hagabis and Faxai.
Andrew Horton, Beazley Group’s chief executive officer, commented: “We are disappointed the syndicate has returned a loss on capacity of 27.9% on the 2017 underwriting year as a result of the high level of natural catastrophe losses. While the 2018 and 2019 underwriting years have also been impacted by natural catastrophe losses, we have seen positive rate increases across the treaty portfolio. Looking ahead to 2020, we anticipate building on these rate increases and the syndicate will also continue to diversify its portfolio as it expands the classes of cyber business it underwrites.”
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