LONDON, (Reuters) – Lloyd's of London insurer Beazley swung to a first-half profit as claims fell back to more normal levels following a sharp catastrophe-induced increase a year ago.
Beazley said on Friday it made a pretax profit of $113 million in the six months to June, compared with a loss of $24.2 million in the 2011 period and forecasts for $100-$110 million.
The improvement partly reflected a 20 percent drop in net claims relative to the first half of 2011, when Beazley paid out $477 million to customers as earthquakes in Japan and New Zealand inflicted big losses on insurers worldwide.
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