London insurer Beazley Group plc said today that it has suffered losses from both catastrophes in the United States, and on its investments, and expects to see a drop in its underwriting for next year.
In an interim report on its nine month performance, Beasley said it expects Hurricanes Gustav and Ike to have a net profit impact of around ?20 million (U.S. $35 million at current exchange rate). The underwriter called the loss estimate conservative and based on current available information.
It said a number of divisions would be impacted, notably reinsurance, U.S. commercial property, and offshore energy insurance accounts.
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