The Lloyd’s of London insurer Beazley has not been used to life being tough (Katherine Griffiths writes). One of the UK’s only independent specialist insurers at Lloyd’s, the company has attracted investors for its apparently smart management in growing in the US and moving into emerging areas such as cyber-insurance.
Given its good track record in risk management and strategic direction, investors and analysts have been confused by its clumsy handling of the coronavirus crisis. In common with many insurers, Beazley said it would be hit by large claims, told investors that the outlook was strong because of increasing rates and raised capital in May, then two weeks ago warned losses could be $340 million — double what it had expected. The shares have fallen
