II Editor
03 Feb 2017
NEW ARTICLE: Chart breakout at Beazley "Heavy director share-buying in December, just weeks after third-quarter results, should have told us something was up at LSE:BEZ:Beazley. Now, full-year numbers from the Lloyd's of London insurer have beaten expectations and there's a ..."[link]
Greyinvestor
03 Feb 2017
Solid results Another set of solid results in my view, together with a special dividend.It's worth starting by saying that the market for insurers is incredibly difficult at the moment (due to excess cash coming into the market) and that sometime soon there will be a reversion to mean in terms of claims. This will push down profits. On the other hand rising treasury yields will improve profits a bit.Beazley is very well run, and is outperforming NVA, which I used to hold. The shares have quadrupled over the last decade.So, the results;Revenue up a bit. +4% on my measure. But lots of movement within that number.PBT $293m v $284m, so up a bit.Combined ratio 89% v 87%. Fine.Reserve releases up a bit.Investment income $93m v $57m. So underwiting was down a good bit, more than made up for by investment. EPS 47.3 cents v 47.2 cents, so flat in dollars.EPS 35.5p v 31.9p, so up in sterling.DPS. Final divi 7p v 6.6p. Full year 10.5p v 9.9p.Plus a special divi of 10p.The divi is payable to people 'on register' on March 3rd. Paid on 29 March.My conclusion; I have a large holding and will continue to hold. So a Hold for me.
This Nickname has been taken
26 Jan 2017
Special divindend Does anyone what the final/special dividend is this year ?
Greyinvestor
16 Dec 2016
My opinion In my opinion BEZ results will come in below expectations, because it's been a bad year for catastrophes, and because there will very likely be bad mark to market effects on it's bond portfolios. The results could be well below expectations.Having said the above, I am not selling any of my holding. To my mind BEZ is a stock to hold long term. It has generated outstanding returns over the last decade and will always be an acquisition target. Expect a moderately bumpy ride, there was a big bump after the New Zealand earthquakes a few years ago.Rising Treasury yields will help longer term investment returns, as will increased emphasis on speciality products. Special divis may be off the books, but let's see.....A bumpy Hold for me.
Greyinvestor
16 Dec 2016
Sorry, wrong stock! Aplogies for posting to wrong stock....
Greyinvestor
16 Dec 2016
BDI update [link]
Greyinvestor
25 Jul 2016
Results reflections I've deliberately not posted before, because I wanted to mull over the results.In summary, the PBT is flat, the combined ratio slightly worse, investment income better, EPS flat, dividends up by 6% (3.5p at the half year v 3.3p).The company needs more capital for it to underwrite its speciality business. This implies lower special dividends to come.The market is terrible, huge pressure on rates.But.....this is a very well run company which has produced excellent returns for investors, and it is just about holding its own. I think that there is more of a win to come on currency. The company is tilting towards gentle growth, and it continues to plan steady growth in dividends.I rate this as a long term Hold. Not a buy at this price, but not a sell either. My initial purchases are plus 250%. No complaints about that. There is also the possibility of a bid (not to be welcomed by me).DYOR as usual........
aspace
25 Jul 2016
Re: Will be interesting to see... Has been a great run since Brexit. International exposure I guess, which should impact favourably on results reported in the now deflated Sterling.
This Nickname has been taken
15 May 2016
Will be interesting to see... The market reaction on June 24
Greyinvestor
05 May 2016
Sensible Q1 A sensible Q1 out of Beazley, i thought.....the Lloyds market is horrendous just now, so BEZ are doing well......
Greyinvestor
19 Apr 2016
Hefty top up I've been a substantial holder of these since my purchases in 2010 and 2011, so I've seen a terrific return, followed by a recent more modest decline. I believe this to be driven by tough market conditions for underwriters, plus selling by at least one institution. In my view the selling has been overdone and has brought the shares back to fair value, if not yet cheap.On the basis that the shares now represent decent value, I have made some hefty additional purchases, which I also plan to hold for the long term.There should be an IMS in May, which will give some view as to how things are going this year.I don't want BEZ to change hands but they are now priced keenly enough to attract a predator if there is one out there.A Buy for me.
This Nickname has been taken
10 Mar 2016
Re: Motley Fool Its bouncing around the 200 day MA at the moment as well (350 or so), previously its always recovered.
aspace
10 Mar 2016
Re: Motley Fool While the ex-div probably accounts for most of the recent drop, I wonder if there might also be negative market reaction to (1) the move from Dublin to London per Savnierres below (2) tough competition across insurance market and (3) the prospect of negative interest rates which could dampen investment returns. Even if BEZ is in for a tough period I am happy to hold and see it through.
This Nickname has been taken
26 Feb 2016
Motley Fool [link] this guy not realise it went ex dividend on 25th ?
Greyinvestor
04 Feb 2016
Excellent reults Yet another excellent set of results from Beazley.Net premiums (1%), my only disappointmentPBT +8%EPS + 22%NTA 174p v 158pDivi 9.9p v 9.3p plus a huge special divi of 18.4pCombined ratio 87% v 89%Investment return 1.3% v 1.9%, fineDuration 1.7 years v 1.8 years, fineOutlook OK in a hideous marketWhat can I say? I love this company. It's enhancing my retirement no end. Just keep it up guys.....A very strong hold for me. Not cheap but worth every penny.
