Lloyd's insurer has $ 225 m untapped credit facility
Lloyd's insurer Beazley is "actively looking" for acquisitions, but struggles to find objectives that meet the criteria, said chief executive Andrew Horton (pictured).
Speaking after the release of corporate results 2012 this morning, Horton said the company would like to do acquisitions, but he added: "the challenge is to find those who hit our sweet spots, which is relatively small. The lines of business and the people who remain should fit and the right level of profitability. "
Instead, the company will focus on growing organically by development of new products and new teams of people and people rent. Horton noted that Beazley its just written premium grew by 11% autonomous in 2012.
Horton said: "for all the time we already exist, organic growth is our primary way of his success. We have gone from two people [in 1986] to 850 and most of who've been organic growth. "
Opportunities in marine liability after losses in 2012, and a new underwriter in this line will join the company briefly, Horton said.
He added: "we continue to attract people and that is the best way of growing."
The company has $ 260 m (£ 166 m) of the capital before its special dividend payment and buy back £ 150 m of subordinated loans. It also has an as-yet-untapped $ 225 m letter of credit facility, that could be used to finance growth.
Beazley missed out on buying rival Lloyd's insurer's Hardy in 2011. Hardy was subsequenty sold to us insurance group CNA last year.
Beazley reported its highest ever profit before tax of 251 m $ in 2012. This followed by a much smaller profit before tax of $ 62.7 m in 2011-a year affected by a large number of natural disasters.
Horton praised the 2012 performance. "We are really happy with it because the economic environment is not that big and the market remains incredibly competitive-there are still quite a lot of capital in the market is," he said.
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