Beazley Profits Halve as Cyber and Middle East Rates Weaken
Beazley reported pre-tax profit of US$237.7 million for the six months to June 30, down 53%, and premiums fell 4.3% to just over US$3.05 billion as global cyber rates continued declining and abundant capacity pressured commercial pricing. Results also absorbed US$33.6 million of Zurich acquisition transaction costs, with US$56 million contingent on completion.