Beazley PLC (LSE:BEZ) has identified aerospace as an area to expand into to create “global firsts.”
The FTSE 250 insurer has underwritten its first insurance product geared towards a commercial landing on the moon, for a mission to be attempted by Japanese company Dymon.
Adrian Cox, Beazley chief executive, commented: “It’s good to show the insurance industry can help the world explore and do new things.
“People are investigating whether you should build data centres on the moon because it gets access to solar power in a near zero-G environment.”
The London-based company has already insured Nasa rocket launches.
Meanwhile, in the six months to June end, Beazley reported an investment loss of US$193mln – significantly worse than the US$84mln gain in 202 as profit before tax nosedived nearly 90% to US$22mln.
However, its combined ratio or underwriting profit, which is a key industry performance figure that measures costs as a proportion of premiums, was the insurer’s best level since 2015.
Beazley’s shares rose 6% to 507.5p as investors focused on the combined ratio, catapulting it to the summit of the FTSE 250 leader board.