Beazley gross premiums written increase 27% in Q1
Beazley
638.00p
16:35 26/04/24
Insurance company Beazley said on Friday that 2022 had "started well", with both gross premiums written and premium rates on renewal business increasing in the first quarter.
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Beazley stated gross premiums written had increased by 27% to $1.22bn, while premium rates on renewal business increased by 17% year-on-year - ahead of 2021's 16% Q1 growth. Year-to-date claims were also said to be "better than expected" but cautioned that initial estimates of exposure to the Russia-Ukraine conflict, excluding aviation, would likely be somewhere in the vicinity of $50.0m net of reinsurance
The FTSE 100-listed firm also highlighted that its investments lost $92.0m in the first quarter, as US Treasury yields recorded their largest quarterly increase in more than forty years, resulting in "significant losses" in Beazley's fixed-income investments.
Beazley also reiterated its combined ratio guidance of "around 90%" for the full year.
Chief executive Adrian Cox said: "The year has started well with gross premiums written increasing by 27% and growth slightly ahead of our expectations across all divisions. This is primarily driven by cyber where rates have doubled in the first three months of 2022.
"Whilst the overall rating environment remains positive, the rate change across parts of our business is beginning to moderate."