Beazley reports 45% rise in GWP
Beazley has described its trading performance in the first nine months of 2009 as “good”.
The Lloyd’s insurer says underwriting conditions have been favourable with rate increases averaging 4% across its portfolio.
Written premiums grew by 45% over the equivalent period in 2008, to £861.9 million, the rise driven by acquisitions, organic growth and the devaluation of sterling against the US dollar.
Catastrophe lines of business, in particular reinsurance, US commercial property and offshore energy, saw large rate rise in the nine months to the end of September, averaging 9%, 10% and 31% respectively.
The group has also seen “favourable claims developments” in its marine and reinsurance businesses where its has been able to continue to make substantial reserve releases.
However, the economic downturn has resulted in an increased number of claims emanating from its political risk and contingency portfolio.
Commenting on the results, Beazley’s chief executive officer, Andrew Horton, said: “The global economic crisis has continued to impact our business lines particularly in the political risk account, however our recession planning has proved robust and we are well placed to capitalise on growth opportunities.”
The group also reported that it has successfully integrated two businesses since the start of 2009: First State Management, which underwrites surplus lines commercial property business in the US, and Momentum Underwriting, a London based business focusing on accident and life insurance business.
Category: Companies News, Financials, Insurance News
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