8th May 2014 11:15
LONDON (Alliance News) - Beazley PLC Thursday said first-quarter gross written premiums decreased by USD2.0 million to USD516.0 million, while overall premium rates on renewal business were unchanged.
Beazley said its annualised investment return fell to 2.1% over the three months ended March 31, from 2.6% in the corresponding period a year earlier. It is targeting a 2.0% investment yield for the year.
"We were able to achieve rate increases in specialty lines, our largest business, and maintain flat rate overall in spite of increased competitive pressures, particularly in relation to short tail, catastrophe exposed, classes," Andrew Horton, chief executive, said in a statement.
"We also achieved a good top line performance with gross written premiums in the first quarter flat compared to [the first-quarter of] 2013 and we still expect to achieve moderate full year growth," Horton added.
Beazley said it is looking for opportunities to expand into new areas while it continues its push into Latin America.
It also has expanded into new business lines, in January announcing the appointment of Denis Bensoussan to establish a satellite insurance capability within the company. Beazley also has broadened its US healthcare capabilities with the establishment of a life sciences team in Chicago, focusing on areas such as clinical trials and certain biotech and non-invasive medical products liability exposures.
Beazley shares were Thursday quoted at 243.30 pence, up 0.9%.
By Samuel Agini; [email protected]; @samuelagini
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