Beazley upgrades guidance, plans additional $300M capital return

Insurer Beazley (LSE: BEX) on Thursday lifted its annual guidance and said shareholders could expect a $300 million “additional capital return in respect of 2023.”

The company now expects an undiscounted combined ratio in the “mid-70s” for 2023, an improvement on its previous “low-80s” forecast. A combined ratio below 100% indicates an underwriting profit.

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Beazley did not provide further details on the form or timing of the $300 million additional payout. It will report full-year results on March 7.

The upgraded outlook and extra capital return news sent Beazley’s shares higher by 9.2% to 635.25 pence in morning trading.