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Beazley

Beazley is a high-quality non-life insurer, operating through two Lloyd’s syndicates and an “admitted lines” US Insurance company.  It has an exceptional track record for underwriting having provided the Names on its syndicate with a profit on every closed year of account since it started.

Excellent results

First Lloyd's results in reporting season very impressive despite Chilean earthquake and Deepwater Horizon

Shares still trade below NAV and 5.1 PER is below 6.1% yield

Fair value per share seen at 147p versus current 123p mark

Publication Date:
July 27 2010

Robustly placed

Impressive and conservatively stated results for 2009

Strong yield support at over 6%

Forward PER of only 4.5x for this year looks too low

Publication Date:
February 23 2010

Record first half profits

Record first half profits partly concealed by technicality

Rapidly deployed capital raised in Rights Issue

Improving premium rates

Reduction in risk for both assets and liabilities

Fair value of 171p vs current price of 105p

Publication Date:
July 30 2009

Next leg of growth and expansion

Beazley has accompanied a fairly impressive set of results – IFRS profits of £87m in a year that Swiss Re reckons was the second most expensive year ever for insurers of natural catastrophes – with a Rights issue to raise £150m. This is to help expand its business, partly by acquisition, at a time when returns are expected to be much above average and to enhance earnings per share.

Publication Date:
February 17 2009

Results: resilient underwriting, disappointing investment returns

Strong USA growth vs decline in Lloyd’s premiums

Well placed at this point of premium cycle

Despite soft premium rates outlook fair value still 160p / share

Publication Date:
August 1 2008

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