6th Nov 2014 09:32
LONDON (Alliance News) - Specialist insurer Beazley PLC Thursday reported flat premiums year-on-year, but said that renewal rates fell by 1% across the portfolio as a whole.
In a statement, Beazley, which has operations in Europe, the US, Asia and Australia, reported USD1.55 billion of gross premiums written in the nine months ended September 30. Its largest division, specialty lines, grew by 5% to USD627 million year-on-year, helping to offset drops in reinsurance, property, political risk and contingency, and marine premiums. The other line of business to see an increase was life, accident and health, which rose by 36% to USD110 million.
Beazley said claims have developed favourably during 2014.
"We continue to see opportunities in our locally underwritten US business, with its focus on small and mid-market risks, where we have grown premiums 17% year on year. Competition is intensifying in large risk and catastrophe exposed, short tail lines, where we are maintaining our underwriting discipline," Chief Executive Andrew Horton said in a statement.
"This is to be expected given the generally benign claims environment experienced in recent periods," Horton said.
Beazley also reported a 1.9% annualised investment return, compared with 0.8% in the corresponding period last year.
The insurer said it remains committed to "active capital management" and we will provide a further update at the end of the financial year.
Beazley shares were down1.1% at 261.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Beazley