Beazley confirms no change to current guidance following global IT event
London, 23 July 2024
On Friday 19 July, a faulty systems update from CrowdStrike caused a widespread outage. This affected an estimated 8.5 million Windows devices worldwide, according to Microsoft.
Given the unprecedented nature of this event and Beazley's position as a leading cyber insurer, the Company has elected to provide an update on its position in relation to the outage. Based on what is known at this point, the event will not change the current undiscounted combined ratio guidance of low-80s for the full year.
Beazley will update the market on its first half performance on 8 August and will provide any further relevant updates in relation to this event at that time.
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Sarah Booth
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Sam Whiteley
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Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America, and Asia. Beazley manages six Lloyd's syndicates and, in 2023, underwrote gross premiums worldwide of $5,601.4million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states and its subsidiary, Beazley America Insurance Company, Inc. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's, and from 1 January 2024, also from Beazley Excess and Surplus Insurance, Inc.
Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include Professional Indemnity, Cyber Liability, Property, Marine, Reinsurance, Accident and Life, and Political Risks and Contingency business.
For more information please go to: www.beazley.com
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