Beazley’s gross written premiums rise by 16% in Q1 2021

Beazley’s gross written premiums increased by 16 percent to $971 million in Q1 2021, as compared to $840 million in Q1 2020, according to its trading statement. Premium rates on renewal business increased by 16 percent, ahead of the company’s expectations.

COVID-19 first party loss estimate remains unchanged at $340m net of reinsurance and Q1 catastrophe losses are estimated to be approximately $70m net of reinsurance. Early indications suggest that underwriting actions taken since September 2020 are having a positive impact on cyber ransomware trends.

Adrian Cox, chief executive officer, said: "We have had a positive start to the year with good rate momentum that is well ahead of our expectations as well as continued strong targeted growth. We expect favourable market conditions to continue and are well positioned to take advantage of them given our capital surplus remains within our preferred range."

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