Pre-tax profit soars 300 per cent at specialist insurer Beazley

7th Feb 2013 07:37

FTSE 250-listed specialist insurance provider Beazley has reported a 300.6 per cent rise in pre-tax profit for the year ending December 31st, according to an interim management statement issued by the company on Thursday.The company, which insures athletes, crews of ships and aircraft, reported that profit before tax had risen to $251.2m compared to $62.7m in the previous year.Return on equity rose 13 percentage points to 19% and gross written premiums jumped 11% to $1,895.9m. Net written premiums climbed 12% to $1,542.7m and the company announced a second interim dividend of 5.6p, taking total dividends for the year to 8.3p, up 5.0%, plus a special dividend of 8.4p. Beazley also stated that it was considering a second retail bond for up to £75m.Andrew Horton, Chief Executive Officer of Beazley, said: "Beazley performed very strongly in 2012, delivering double digit premium growth and record profits. We continue to add new products and lines of business to our diversified portfolio and see further opportunities to grow profitably in the year ahead." He added: "Today's announcement of a special dividend, a debt buyback and plans for a further retail bond demonstrate our continued active approach to capital management. Our focus is on generating value for shareholders while maintaining our financial strength and flexibility." MF