29th Apr 2025 12:09
(Alliance News) - Beazley PLC on Tuesday maintained its guidance as premiums increased slightly in the first quarter while market conditions softened.
Beazley is a London-based specialist insurance underwriter, managing six Lloyd's of London syndicates.
It said insurance written premiums increased by 1.9% to GBP1.51 billion in the first three months of 2025 from GBP1.48 billion a year ago.
Net insurance written premiums were up 0.8% to GBP1.25 billion from GBP1.24 billion. Premium rates on renewal business fell by 4%, compared to a 1% increase a year ago.
Chief Executive Officer Adrian Cox said: "I am proud of the performance during the quarter. As expected, markets softened in the first three months of the year and we maintained our focus on strong underwriting discipline whilst navigating those conditions."
The company said its year-to-date investment return is 1.2%, unchanged from the prior year.
Beazley left its guidance unchanged for gross insurance written premiums growth in the mid-single digits for 2025 with an undiscounted combined ratio in the "mid-80s".
"The strength of our diversified product set and platform strategy means we are well positioned to take advantage of any opportunities which may arise, as pricing dynamics evolve in this active claims environment," said CEO Cox.
Beazley noted that its exposure to California wildfire losses remain around US80 million as reported in its 2024 results.
"There is no direct claims exposure as a result of the trade tariffs imposed in our political risk, trade credit or specialty book. Increases in tariffs are not insured perils under our policies and we do not cover business interruption losses following these events," Beazley said.
Shares in Beazley were down 3.6% to 853.50 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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