Insurer Beazley Cuts Outlook as Uncertainty Fuels Competition

Beazley Plcshares slumped after slashing its growth guidance for the year due to growing competition in the insurance market.

The specialty insurer, which operates in business lines like cyber, property or environmental risks, expects full-year premium growth in the low-to-mid single digit range, according to a statement. That compares to a previous expectation of mid-single digit growth. Shares plunged as much as 9% in London, the most since last July.

“We live in a relatively risky world, so at the beginning of the year we thought things might change, but nothing big enough happened to change sentiment,” Chief ...