- Beazley says around $300 million more could be given to shareholders
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beazley stock rose sharply on Thursday after the group announced plans to distribute around an extra $300m (£237m) to shareholders.
In a brief stock market update, insurance and reinsurance group Beazley said it had enjoyed a “better than expected claims experience” over the past year.
Lloyd’s of London saw its shares rise 8.33 per cent or 48.50 pence to 630.50 pence on Thursday, topping the FTSE 100 rankings, after falling more than 6 per cent in the last year.
On the rise: Beazley plans to distribute more cash to shareholders, announced Thursday
Beazley said guidance on its undiscounted combined ratio had improved from the high 80s to the mid-70s for 2023.
The undiscounted combined ratio is a profitability measure used by insurers. A ratio less than 100 indicated technical profitability.
The group said: “In addition to the ordinary dividend, shareholders will receive an additional return of capital in respect of 2023. This is expected to amount to around $300 million.”
More details on the additional returns to shareholders will be revealed on March 7, when the company publishes its latest annual results. It is not yet known, for example, whether a special dividend or a share buyback is planned.
Earlier this week, Beazley revealed that he was developing a new cyber risk management company.
The company has merged its own in-house cyber services team with its cybersecurity subsidiary and business, Lodestone.
Alton Kizziah, CEO of Beazley Security, said: “Building cyber resilience is a priority for business leaders and Beazley Security was created to bring responsive cyber protections to the heart of the fight against ever-evolving threats.”
“I am excited to lead an excellent team of specialists committed to providing clients with confidence and peace of mind.”
Earlier this month, Beazley had the lowest market capitalization among companies in the FTSE 100 index.