Beazley sees flat premiums

Insurance firm Beazley saw flat premiums for the nine months ended 30 September.

The group was hit by the catastrophe losses in the first quarter of 2011 in Japan, New Zealand and Australia and believes the flat premiums are a good result for the firm.

Chief Executive Officer Andrew Horton said: "While 2011 has been a challenging year for the sector due to first half catastrophe losses, our diverse underwriting portfolio has served us well.

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"We continue to make progress in a number of our markets and expect to deliver an underwriting profit in 2011. Although premium rates are still competitive, trading conditions are improving and we are seeing rating increases across a number of lines.

"The recent launch of our accident and health initiative in the US in September demonstrates our continued desire to search out new opportunities to grow the company profitably in our existing business lines."

In line with expectations, premium rates on renewals are up by 1% overall.

The firm recently submitted its 2012 business plan to Lloyd's of London and are expecting premium levels to increase between 5-10% next year.

The share price rose 1.32% to 130.8p by 08:31.

NR