FTSE 100 Beazley profit plunges as war roils insurance marketFTSE 100 insurer Beazley said war and rising global risks were hitting the insurance market as it revealed that its profit more than halved in the first half of 2026. The insurer reported a pre-tax profit of $237.7m (£176.6m) for the first half of 2026, a 53 per cent fall from the $502.5m reported in the same period last year. ​Chief executive Adrian Cox said conditions in the specialty insurance market were softening “rapidly” as the impact of war in the Middle East and growing cyber risks led to larger payouts to customers. The US cyber market, which accounted for 9 per cent of Beazley’s portfolio, was being scaled back, and the insurer was pivoting into Bermuda instead. The insurer reported in March that it is focused on “acting decisively in areas of structural opportunity” as it prepares to pivot to Bermuda, aiming to reach $400 million in written premiums by 2030.