Beazley's Unchanged Guidance After IT Outage Should Be Taken Well -- Market Talk

Dow Jones07-23

0640 GMT - Beazley said that its low 80% undiscounted combined ratio guidance for the year remains unchanged after last week's global IT outage, based on what is known on the event this point. A faulty systems update from CrowdStrike caused a widespread outage on Friday, affecting millions of Microsoft users. "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," the U.K. insurer said. "This should be taken well considering shares are down circa 5% since Thursday close," Citi analyst Alexander Evans writes. Shares in London last traded at 650 pence and are up 13% year to date. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

July 23, 2024 02:40 ET (06:40 GMT)

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