Beazley boosted by US business, eyes Europe
Lloyd's (re)insurer Beazley has reported profit before tax of £138.5m for 2007 (2006: £86.8m) on gross written premiums of £780.5m (up 5%). Profit before tax and foreign exchange on non monetary items increased to £130.3m (2006: £96.2m) and net written premiums were up 14% to £652.2m.
It saw $175.2m of business written through US operations (2006: US$68.9m). Beazley added the US platform was one of the factors which increased its expense ratio by 3% to 38%. During 2007 US employee
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