The insurer stated that the increase in gross premiums written was achieved through a combination of rate increases, adding exposure in several areas and taking underwriting remediation action on certain business areas
Beazley announces nine months results for this year. (Credit: Pixabay/Free-Photos.)
UK-based insurance company Beazley has reported gross premiums written of $2.53bn for the nine months ended 30 September 2020, an increase of 16% compared to $2.2bn for the same period last year.
The insurer stated that the increase in gross premiums written was achieved through a combination of rate increases, adding exposure in several areas and taking underwriting remediation action on certain business areas.
Nine months results of Beazley’s business divisions
The company’s Investments and cash increased by 15% to $6.5bn for the nine months ended 30 September 2020 from $5.6bn for the corresponding period of the previous year.
The gross premiums written under Beazley’s Cyber & executive risk division for the period was $686m, increasing by 21% from $567m from last year’s period.
The Marine division saw an overall increase of 11% in gross premiums written from $231m for the last year to $256m for this year’s period.
Beazley’s Market Facilities division reported gross premiums written of $96m for the nine months ended 30 September 2020, an increase of 182% compared to $34m for the same period of 2019.
The insurer’s Political, accident & contingency division reported almost unchanged gross premiums written of $205m, as the growth was dampened due to the Covid-19 impact.
The gross premiums written of Beazley’s Property division saw a slight increase of 5% to $354m from $337m in the nine months ended 30 September 2019.
The Reinsurance division reported almost unchanged gross premiums written of $192m for the nine months ended 30 September 2019.
The company’s Speciality lines division reported gross premiums written of $745m for the nine months ended 30 September 2020, an increase of 19% compared to $628m for the same period of 2019.
Beazley CEO Andrew Horton said: “We have seen strong, double-digit premium growth across our business as a whole so far this year, driven primarily by rate rises across all divisions.
“I am extremely proud of all Beazley employees who have shown commitment and resilience throughout this time whilst continuing to support our customers and deliver the excellent claims service we pride ourselves on.
“Pricing conditions are positive and we have the expertise and the capital in place to take advantage of these market conditions. We have great confidence in our ability to deliver mid-teens growth next year and strong shareholder returns in 2021 and beyond.”