Director dealings: Beazley executive director sells after profit warning
By Iain Gilbert
Date: Tuesday 17 Oct 2017
(ShareCast News) - Adrian Cox, executive director of risk insurance and reinsurance group Beazley, sold 180,009 shares in the company on Tuesday at the price of 500p per share.
Cox, who had been on the board of directors at Beazley since 2010, collected a total of £450,025 as a result of the transaction and remained in possession of a further 634,947 shares after the sale.
The transaction volume consisted of 90,005 shares held by Cox and an additional 90,004 held by his wife, Elaine Cox.
Beazley was downgraded from an "add" rating to a "hold" by analysts at Numis Securities in a research report issued to its clients on 5 October after it issued a profit warning on 29 September.
The analysts cautioned investors that as a result of claims arising from recent natural disasters such as Atlantic hurricanes Harvey, Irma and Maria, plus the series of earthquakes throughout Central America that its earnings were likely to be in the realm of $150m lower than expected.
Beazley said it was holding "substantial catastrophe margins" but "estimates that at the midpoint these losses would reduce 2017 earnings by approximately $150m."
However, the firm did add there was "significant uncertainty surrounding the cost of these events."
As of 1645 BST, shares had lost 1.07% on the day's trading and were resting on 498.60p.
Top Director Buys
Blackrock Latin American Inv Trust (BRLA)
Director name: Webber ,Nigel
Amount purchased: 5,000 @ 493.52p
Value: £24,676.25
Balfour Beatty (BBY)
Director name: Quinn,Leo
Amount purchased: 56 @ 268.30p
Value: £150.25
Anglo American (AAL)
Director name: Cutifani,Mark
Amount purchased: 10 @ 1,500.00p
Value: £150.00
Anglo American (AAL)
Director name: Pearce,Stephen
Amount purchased: 10 @ 1,500.00p
Value: £150.00
Saga (SAGA)
Director name: Batchelor,Lance
Amount purchased: 78 @ 192.30p
Value: £149.99
Kingfisher (KGF)
Director name: Witts,Karen
Amount purchased: 49 @ 305.41p
Value: £149.65
Jpmorgan Asian Investment Trust (JAI)
Director name: Gould,Ronald
Amount purchased: 35 @ 360.00p
Value: £126.00
Top Director Sells
Beazley (BEZ)
Director name: Cox ,Adrian
Amount sold: 90,005 @ 500.00p
Value: £450,025.00
Beazley (BEZ)
Director name: Cox ,Adrian
Amount sold: 90,004 @ 500.00p
Value: £450,020.00
City Of London Investment Group (CLIG)
Director name: Olliff,Barry M
Amount sold: 50,000 @ 425.00p
Value: £212,500.00
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