Beazley sees FY profits at upper end of expectations

Specialist insurer Beazley said full year pre-tax profits for the year ended 31 December 2017 would be ahead of current market expectations.

It added that it expected to report a combined ratio of 99% and an investment return of 2.9% for the year on average invested assets of $4.8bn.

Beazley said the US tax cuts recently passed would reduce the value of its US deferred tax asset by around $5m.