Beazley top line grows 7%, despite a tough market
Lloyd's insurer Beazley has reported a 7 percent increase in its gross written premiums (GWP) for the first quarter of 2016 – up to $583 million, compared with $546 million in the first quarter of 2015.
Specialty lines, the firm’s largest division, achieved premium growth of 15 percent year-on-year, writing $261 million in the first three months of 2016.
The acquisition of the portfolio underwritten by Beazley’s new healthcare small business team contributed a one-off $30 million of gross premiums in the first quarter.
Its life, accident and health division has also experienced growth in the US and Australia thus far in 2016.
Beazley’s investments and cash also increased slightly in the quarter to $4.33 billion, compared with $4.30 billion in the prior-year quarter.
Its year to date investment return in the first quarter of the year was slightly down to 0.7 percent however, compared to 1 percent in the first quarter of 2015.
Rates on renewal business decreased by 1 percent across the portfolio as a whole.
Andrew Horton, chief executive officer, said: “The continued expansion of our underwriting teams, including a London-based small business team focusing on healthcare professional liability business, helped us to grow our top line by 7 percent in the first quarter of the year, despite the continued competitive market conditions which have characterised recent periods.
“We are delighted that our shareholders approved the scheme of arrangement to rev
