Beazley has posted pre-tax losses of $13.8m (£10.8m) for the half-year period ended 30 June 2020, compared with profit before tax of $166.4m (£130.9m) it had reported a year prior.
The loss was attributed to high volumes of claims arising from Covid-19 impacted lines, as well an investment return of 1.4%.
Despite this, Beazley said it achieved strong growth of 12% with premiums increasing to $1.6m (£1.2m), as well as a rate increase of 11% on its renewal portfolio.
CEO Andrew Horton said: “Beazley achieved strong premium growth of 12% in the first half of 2020, with three of our seven divisions achieving double-digit growth.
“Rates on renewals continue to increase across the market with average rate increases of 11% seen across our business as a whole. Our investments returned 1.4% for the first six months against the backdrop of a volatile investment market.”
He added: “The first half of 2020 was defined by Covid-19 and claims arising from the pandemic have driven the combined ratio to 107%, with Beazley recording a loss before tax of $13.8m.
“Despite this we expect a combined ratio of around 100% should be achievable for the full year.”