10th Nov 2016 08:07
LONDON (Alliance News) - Specialist insurer Beazley PLC said Thursday that its total premiums have grown over the year to date, but noted that prices have continued to decline.
FTSE 250-listed Beazley, which operates a number of syndicates in the Lloyd's of London insurance market, said its gross written premiums increased by 2.0% in the nine months to September 30, standing at USD1.67 billion compared to USD1.64 billion at the same date in 2015.
Beazley said its investment return for the year to date is at 2.0%, up from 1.1% at the same point in 2015, with total investments and cash standing at USD4.51 billion, up from USD4.43 billion year-on-year. However, the insurer noted its insurance rates, the price on premiums, are down 2.0% for the year to date.
Beazley said it expects to maintain its combined ratio, a key measure of underwriting profitability, "in line with its long term average" for the full year, after seeing claim notifications in line with expectations.
Beazley also noted that in November it has filed an application with the Central Bank of Ireland to obtain approval for its Irish-based arm Beazley Re DAC to become a European insurance company, as it had previously announced it was seeking to do. The company said this "will enable us to broaden our underwriting platforms to European based clients".
"We have maintained our momentum in the third quarter, driven principally by the strong performance of our specialty lines division, where premiums grew by 10% compared to the equivalent period last year. We continue to attract talented underwriters to Beazley in London, the US and continental Europe," said Andrew Horton, chief executive officer.
Shares in Beazley were up 0.3% at 380.90 pence in early trading on Thursday.
By Adam Clark; [email protected]
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