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Investing.com -- Shares of British insurer Beazley reached an all-time high on Tuesday, following the company’s better-than-expected annual pretax profit report and its lower estimated losses from the Los Angeles wildfires compared to its competitors.
Beazley’s pretax profit for the year ending December 2024 was $1.42 billion, representing a 13% increase from the previous year and 9% above consensus, as reported by Panmure Liberum.
The insurer, which is a part of Lloyd’s of London, also announced a $500 million share buyback. Beazley’s initial estimate of the financial impact from the California wildfires was $80 million, significantly less than estimates from other insurers, which ranged from $100 million to $170 million.
Lancashire, another insurer, projected its losses from the LA wildfires could reach up to $165 million.
Beazley’s shares rose 0.4%, reaching a record high of 923 pence.
CEO Cox said in a statement, "Our central estimation is that they will go down a little bit again this year."
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