3 February 2017Insurance

Beazley’s 2016 results show better profits and solid growth

Investment returns boosted Beazley’s 2016 results but the company also enjoyed strong growth despite what the company’s CEO called highly competitive conditions in many markets.

The company made a pre-tax profit of $293.2 million last year, a 3 percent increase on the $284 million it made in 2015. Better net investment income of $83.1 million compared with $57.6 million in 2015 boosted this result. The company also posted prior-year reserve releases of $180.7 million in 2016 compared with $176.3 million in 2015.

Beazley’s gross written premiums reached $2.2 billion in 2016, a 6 percent rise on 2015. Its combined ratio increased to 89 percent, an increase on the 87 percent it posted in 2015.

Andrew Horton, chief executive of Beazley, said: "Beazley’s performance in 2016 was good across the board. Our increased profits were driven by a higher investment return, but the bedrock of our success remains our underwriting performance, which generated a combined ratio of 89 percent in 2016 despite highly competitive conditions in many of our markets.

“Overall premium growth doubled to 6 percent and we were able to develop a number of growth opportunities, particularly in the US, that enabled us to offset areas where market conditions dictated that we cut back.”

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
3 February 2017   Specialist insurer Beazley has warned of margin declines when claims return to more normal levels after it revealed in its 2016 results that premium rates for most large risk business continued falling sharply last year.
Insurance
6 February 2017   Specialist insurer Beazley has expanded its presence in Canada with the acquisition of specialist managing general agent (MGA) Creechurch Underwriters.
Insurance
9 February 2017   Specialist insurer Beazley has hired new underwriters its US underwriting team focused on small to mid-sized business (SMEs), and regional sales manager in the accident and health division.