Beazley Q1 premium up 10% as pricing improves
Specialist insurer Beazley grew gross premiums written by 10 percent year on year to $631 million in the first quarter of 2018 driven by the property segment as pricing conditions improved.
“Beazley made a strong start to 2018,” said CEO Andrew Horton. “We have also seen rate increases across many lines of business as the market recalibrates its pricing in the wake of the high catastrophe activity seen in late 2017,” Horton added.
The property segment benefited from improved underwriting conditions in the wake of the high catastrophe frequency experienced at the end of 2017, allowing for a premium increase of 29 percent year on year to $108 million in the first quarter of 2018.
The reinsurance division also benefited from improved underwriting conditions with rates increasing 7 percent across the portfolio, driving premium up 7 percent year on year to $90 million. Specialty lines, Beazley’s largest division, saw premium increase to $295 million, a 6 percent rise. This was driven by a 17 percent increase in business written within the US.
The political, accident and contingency division has achieved “good growth” across a number of areas which has enabled it to boost premiums by 14 percent year on year to $67 million despite rate pressures in some areas, in particular terrorism, according to the company.
There have been no major catastrophe events in 2018 and Beazley’s previous guidance, of a full year combined ratio in the low nineties with below average reserve releases following the natural catastrophes of 2017, remains unchanged.
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