Beazley on track for “excellent” 2010 result
Beazley has reported a 2% rise in premiums in the nine months ended 30th September 2010, compared with a year earlier, to $1.35 billion.
The “modest” increase was driven by growth in the group’s reinsurance and life, accident and health accounts.
Premium rates on renewal business decreased by 2% during the period and the Lloyd’s insurer has continued to adjust it underwriting appetite in areas where competition is most intense.
The firm’s reinsurance division recorded 24% growth in gross premiums written, including business written by its new special purpose syndicate (6107); by the end of September the group had written $16 million on behalf of the syndicate.
Beazley’s life, accident and health business continued to develop, writing $63.5 million in the period, compared to $53.4 million in the equivalent period of 2009, an increase of 19%.
The group has also successfully established a number of lines, such as professional indemnity cover for environmental risks and cover for internal crime, with the new activities compensating for premium reductions in some existing lines, such as directors and officers insurance.
The insurer’s chief executive officer, Andrew Horton, says: “We remain on track to achieve an excellent result in 2010 despite increasing competition for business and catastrophes in Chile and New Zealand.”
Beazley’s estimate of the claims cost from the Chile earthquake remains in the range of $55 million to $75 million; for the New Zealand earthquake, the estimate is in the range of $15 million to $30 million.
Category: Companies News, Financials, Insurance News
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