Insights
Beazley 1H26 trading statement
Posted 05/08/2026 – Insights
Beazley plc has released its trading statement for 1H26 ending 30th June 2026
Main highlights
- Insurance written premiums decreased by 4.4% to $3,050.6m (H1 2025: $3,187.1m)
- Net insurance written premiums (after reinsurance) decreased by 6% to $2,439.6m (H1 2025: $2,600.6m)
- Undiscounted combined ratio of 93.3% (H1 2025: 84.9%)
- Profit before tax of $237.7m (H1 2025: $502.5m)
- Investment annual return rate of 1.8% equivalent to $211.6m (H1 2025: 2.7%, $308.5m)
Adrian Cox, Chief Executive Officer, said: “As we expected, the first half of 2026 saw rapidly softening conditions in the specialty insurance market. Against a backdrop of increasing global turbulence, in particular cyber risk exposures and increasing geopolitical events impacting our political violence and marine war books, we have continued to use our expertise to underwrite appropriately and provide valuable services to our clients. As a result, while our incurred attritional claims have been better than expected, the first half of 2026 has seen a return to an active large loss environment, compared to the more benign experience seen in recent years. In these conditions, our robust approach to disciplined underwriting sees us continue to focus on prudent risk selection and to de-risk in areas that have become unprofitable.”
Premium Income
| Insurance written premiums 1H26 | Net insurance written premiums 1H26 | Insurance written premiums 1H25 | Net insurance written premiums 1H25 | |
| $m | $m | $m | $m | |
| Cyber Risks | 524.9 | 318.6 | 620.3 | 489.7 |
| MAP Risks | 591.6 | 534.1 | 557.7 | 484.1 |
| Property Risks | 965.3 | 720.2 | 1,025.7 | 731.4 |
| Specialty Risks | 968.8 | 866.7 | 983.4 | 895.4 |
| Total | 3,050.6 | 2,439.6 | 3,187.1 | 2,600.6 |
Rate changes
| 6 months ended 30 June 2026 | 6 months ended 30 June 2025 | |||||
| Cyber Risks | (4.3)% | (6.5)% | ||||
| MAP Risks | (4.4)% | (1.3)% | ||||
| Property Risks | (13.2)% | (7.1)% | ||||
| Specialty Risks | (0.8)% | +0.6% | ||||
| Consolidated | (6.5)% | (3.9)% | ||||
Combined Ratios
| 6 months ended 30 June 2026 | 6 months ended 30 June 2025 | |||
| Cyber Risks | 91.7% | 79.7% | ||
| MAP Risks | 103.0% | 82.6% | ||
| Property Risks | 79.6% | 76.1% | ||
| Specialty Risks | 98.5% | 94.2% | ||
| Consolidated | 93.3% | 84.9% | ||
Commentary by division
- Cyber Risks – Beazley warns that the rating environment in some cyber markets does not reflect the escalating risks. The response is to exercise underwriting discipline, rate adequacy and a relentless focus on cyber security.
- Marine, Aviation, Political (MAP) Risks – Demand remains strong, supported by heightened geopolitical uncertainty. Beazley has invested strategically in its renewable energy team which positions the group well for future opportunities. They are proud to be a leader in the marine war market which has enabled global supply chains to remain open but this division is where the elevated loss activity is.
- Property Risks – The division continues to focus on disciplined underwriting by utilising analytics to manage the group’s catastrophe exposures. The property market remains competitive and they have been active in this space which has led to a reduction in premiums in the first half of the year.
- Specialty Risks – Social inflation, rate adequacy and emerging risks continue to be carefully monitored. Areas such as Beazley’s Safeguard and environmental liability products are experiencing strong demand for these developing niches.
Alpha comment
This is a reasonable set of results for Beazley. As a reminder, Alpha members provide capital to syndicates 623, 5623 and 6107. The figures reflect a more challenging trading environment, with insurance written premiums reducing by 4.4%. The Marine, Aviation & Political Risks (MAP) division was the only area to deliver premium growth, driven by increased demand with the ongoing Middle East conflict. Loss activity also increased during the period, particularly in relation to the Middle East, which contributed to higher combined ratios in the MAP and Specialty Risks divisions. Operationally, underlying profitability was impacted by increased corporate costs associated with the Zurich transaction which is due to complete by early October. Despite the headwinds, the Group continues to deliver a reasonable underwriting performance.
