11th Nov 2022 10:43
(Alliance News) - Beazley PLC on Friday said its gross written premiums increased during the first nine months in 2022, and it backed combined ratio guidance.
The London-based insurer said gross premiums written increased 22% to USD3.98 billion from USD3.27 billion a year earlier.
"We have had a strong underwriting performance over the quarter with all divisions continuing to grow. As expected overall rates have moderated, however we are seeing increased demand across many lines of business which supports our growth ambitions. Whilst mark to market losses have occurred due to rising yields in our fixed income portfolio, rising yields also mean we anticipate significant future investment returns," Chief Executive Officer Adrian Cox said.
The company said its mark to market investment loss was USD289 million.
In addition, it earmarked a USD120 million, net of reinsurance, loss stemming from Hurricane Ian.
Beazley said it still expects a combined ratio in the "high 80s". A ratio below 100% indicates an insurer is making underwriting profit, so the lower, the better. In 2021, it achieved a combined ratio of 93%.
Beazley shares were down 0.8% at 653.00 pence each on Friday morning in London.
By Xindi Wei; [email protected]
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