5th May 2016 07:40
LONDON (Alliance News) - Insurer Beazley PLC on Thursday said premiums grew in the first quarter, boosted by the continued expansion of its underwriting teams.
The company said premiums in the quarter to the end of March grew 7.0% year-on-year to USD583.0 million from USD546.0 million a year earlier. Growth was driven by its Specialty Lines business, which saw premiums grow 15% year-on-year, and from its newly-formed healthcare small business team.
Rates on renewal business declined 1.0% across the portfolio in the quarter amid a competitive rates environment, the company said, though renewal rates did grow in its Specialty Lines business.
Beazley said its year-to-date investment return is 0.7%, slightly weaker than the 1.0% return made in the same period a year earlier.
Beazley shares were up 1.8% to 335.50 pence Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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