7th May 2015 07:19
LONDON (Alliance News) - Beazley PLC Thursday said that premiums grew by 6% in the first quarter of 2015, though premium rates on renewal business decreased by 1% across the portfolio as a whole.
Gross premiums written increased to USD546 million in the three months ended March 31, compared with USD516 million in the corresponding quarter of the prior year.
"We managed to offset the impact of the very competitive trading conditions in many of our lines with growth in specialty lines, particularly our cyber related business and life, accident and health where we have been investing. Gross premiums written by our underwriters based in the US grew to USD147.9 million which represents growth of 36% in this business compared to the first quarter of 2014," Chief Executive Andrew Horton said in a statement.
The company said renewal rates in its biggest division, specialty lines, increased by 4% on average, although the environment is "highly competitive" across other lines.
"Rate increases in specialty lines came mainly from parts of our large risk professions portfolio and our technology account," Beazley said.
The insurer added that claims notifications were in line with its expectations in the quarter.
Investment income amounted to USD42.5 million, meaning that investment return was 1.0%, compared with 0.5% in the corresponding quarter of the prior year. Investment return in 2014 as a whole was 1.9%.
Beazley said the investment return was "helped by good returns from risk assets and a downward shift in the US rate curve since year end".
Beazley shares were down 0.1% at 276.60 pence early Thursday.
By Samuel Agini; [email protected]; @samuelagini
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