Beazley has posted a record pre-tax profit of $1.4bn for 2024, a 13% increase on last year.

The insurer also reported a 10% rise in written premiums, which increased to $6.2bn over the same period.

Beazley, posting its annual results for the 12 months to 31 December 2024, saw net insurance written premiums also increase by 10% to $5.2bn, as its undiscounted combined ratio climbed to 79%, up from 74% in 2023.

As a result of the trading performance, Beazley has launched a $500m share buyback programme and announced an ordinary dividend rebase to 25p, which is a 76% increase.

Beazley CEO, Adrian Cox, said that the group’s record profit, along with a 79% undiscounted combined ratio and strong premium growth, was a “testament to the strength of our expertise”.

“I am delighted with what our company has achieved amidst a challenging claims environment, including an active hurricane season,” Cox said.

“We remain well capitalised to take advantage of growth opportunities in an evolving market and sustain our strong financial performance over the long term.”

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