Beazley leaves catastrophes in the past to increase premiums
LLOYD’S of London insurer Beazley yesterday said it has recovered from last year’s catastrophe claims and had increased premiums written in the first quarter by nine per cent.
Rates on renewals were also up two per cent, helping it write business totalling $465m (£288m) – up from $426m in the equivalent period last year.
“The first quarter of the year has seen a number of positive developments, with premium volume and rates up in line with our business plan,” said chief executive Andrew Horton.
“After the exceptional events of 2011 – for which our original loss estimates remain unchanged – claims activity has been benign.”
The Dublin-based insurer also saw strong growth in its healthcare and property sections.
“The lack of change to 2011 catastrophe loss estimates is a scarcity among small and large global peers and should further cement Beazley’s underwriting and risk management reputation,” said Joy Ferneyhough, an analyst at Execution Noble.
Beazley has previously attempted to expand through takeovers but recently failed in a bid for fellow Lloyd’s insurer Hardy, leaving it with around $400m in surplus capital.
Shares in the firm closed yesterday up 2.2 per cent at 141p.