Beazley profits hike in 2015; plans to return to UK

Lloyd’s insurer Beazley has reported a solid set of results for 2015, compared with its 2014 results.

The insurer posted a profit of $284 million for 2015, compared with $261.9 million in 2014, representing an increase of 8 percent.

Beazley also saw its combined ratio decrease to 87 percent in 2015, compared with 89 percent in 2014.

It reported a 3 percent increase in its gross written premiums to $2.1 billion in 2015, compared with $2 billion in 2014. This was driven by its US operations, where premiums rose 21 percent and a continuing strong demand for data breach insurance.

The insurer also reported plans to redomicile to the UK from Ireland in a bid to increase the operational efficiency of the group. The board will present the proposal in March.

"Beazley increased both premiums and profits in 2015, delivering excellent returns for shareholders despite low investment returns and declining premium rates,” said Andrew Horton, chief executive officer, Beazley.

“We see the recent mergers and acquisitions (M&A) driven market consolidation as benefiting our business by increasing our attractiveness to the talented, entrepreneurial individuals on whom we rely for our success. I’m also delighted that we have completed the preparations to return our head office to London and we will be putting this to a shareholder vote in March.”