Beazley Posts $54 Million 1H Profit

The U.K.-based Beazley Group plc posted slightly lower pre-tax profits for the six months ended 30 June 2006 of £28.3 million ($54 million), compared to £35.2 million ($67 million) for the same period of 2005.

However, Beazley’s profits, before tax and foreign exchange on non-monetary items, rose to £36.2 million ($69 million), compared to £28.9 million ($55 million) in the first half of 2005.

Other earnings highlights included the following:
– Gross premiums written up 43 percent at £394.3 million ($$751.7 million) – H1 2005 £275.4 million $525 million)
– Overall increase of 10 percent on rates on renewal
– Premiums in the USA increased to $27.4 million – Full year 2005 $15.4 million
– Increased dividend to 1.6 pence (3.05 cents) – H1 2005 1.5 pence (2.86 cents)
– No alteration of 2005 hurricane loss estimates
– Combined ratio of 90 percent, compared to 89 percent in 1H 2005

Chief Executive Andrew Beazley commented: “The business remains strong and I am particularly pleased that our 20 year record of profitability remains intact. Demand is strong in many of our core areas of business and prospects for returning profits remain good.

“Our expansion into the US is gaining momentum as we gain support from US domestic broker networks and continue to attract talented individuals. We are pleased to propose an increased dividend to 1.6p per share and look to the future with confidence.”

For more details concerning the report and additional information on Beazley go to the Group’s Website at: www.beazley.com.