12th Nov 2015 08:14
LONDON (Alliance News) - Beazley PLC on Thursday said that prior year claims have developed "favourably" during 2015, with catastrophe claims below "normalised" levels, and the specialist insurer expects an underwriting performance better than its long term average if those conditions continue until the end of the year.
The update came as Beazley reported that premiums for the nine months to September 30 grew to USD1.64 billion from USD1.55 billion in the corresponding period the prior year. Premium rates on renewal business decreased by 2.0%, Beazley said.
"We are pleased to have achieved premium growth of 6% to date this year by identifying attractive opportunities in a market that continues to be highly competitive for many lines of business. In particular, we have continued to see strong growth in our US specialty lines business, serving the professional liability and management liability needs of mid-sized and small organisations," Chief Executive Andrew Horton said in a statement.
The company's investment return fell to 1.1% in the nine-month period from 1.4% in the equivalent months of the prior year.
Shares in Beazley were down 0.8% at 364.66 pence on Thursday shortly after trading began.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Beazley