Specialty lines drive premium growth at Beazley
Insurer Beazley posted a solid set of results for the first nine months of 2015 as its premiums jumped 6 percent.
The insurer’s gross written premiums (GWP) for the nine months ended September 30, 2015, hit $1.6 billion, compared with $1.5 billion in the same period of the prior year.
The growth was driven by Beazley’s largest division, specialty lines, which grew by 19 percent to $748 million in the nine months, compared with $627 million in the first nine months of 2014.
According to the insurer, the growth in specialty lines continued to help it offset the highly competitive market conditions for other lines.
“We continued to experience strong growth in our locally underwritten US business, with premiums written increasing 22 percent compared to the first nine months of 2014,” said Beazley.
However, Beazley’s life, accident and health, marine and reinsurance divisions posted GWP reductions of 6 percent, 15 percent and 1 percent respectively.
Andrew Horton, chief executive officer of Beazley, said: "We are pleased to have achieved premium growth of 6 percent to date this year by identifying attractive opportunities in a market that continues to be highly competitive for many lines of business.
“In particular, we have continued to see strong growth in our US specialty lines business, serving the professional liability and management liability needs of mid-sized and small organisations."
