(Reuters) — Shares in Lloyd’s of London insurer Beazley PLC leaped to a 10-month high on Friday after it swung to first-half profit and said it was investing heavily in its cyber insurance business to meet rising demand in the face of ransomware attacks.
Cyber insurance has become a growing focus for specialist insurers such as those operating in the Lloyd’s of London market, though a spate of recent attacks has also made some more cautious about the cover they offer.
“We continue to invest strongly in our cyber infrastructure because that is probably the most significant opportunity we have ahead of us,” Beazley Chief Executive Adrian Cox told Reuters.
Beazley reported a pretax profit of $167.3 million for the six months ended June 30 after a loss of $13.8 million a year ago, but said it would only consider a dividend at year-end. It released $95.7 million it had