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Beazley maintains annual growth outlook after "solid start to year"

29th Apr 2024 09:06

(Alliance News) - Beazley PLC on Monday hailed a "solid start to the year" and maintained its annual guidance for insurance premium growth in response.

Beazley is a London-based specialist insurance underwriter, managing six Lloyd's of London syndicates.

It said insurance written premiums rose 7.2% to USD1.48 billion in the three months to March 31 from USD1.38 billion a year before. Net insurance written premiums were up 11% to USD1.24 billion from USD1.12 billion.

Premium rates on renewal business were up 1% on year in the first quarter of 2024, compared to a 10% improvement in the first quarter of 2023.

Beazley said guidance for its combined ratio in 2024 remains a low 80s percentage on an undiscounted basis. It was 74% in 2023, down from 82% in 2022. Any combined ratio below 100% indicates a profit on underwriting, so the lower the better.

Also looking ahead, Beazley said it still expects insurance written premium growth of a high-single-digit percentage in 2024.

"Overall, claims experience for the first quarter is as expected. Total natural catastrophe activity so far this year has been within the margins we hold in our reserves for such events," Beazley said.

Beazley shares were down 0.2% to 636.50 pence early Monday in London.

By Tom Waite, Alliance News editor

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