Beazley sees flat premiums
Insurance firm Beazley saw flat premiums for the nine months ended 30 September.
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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
What is the 25x retirement rule and does it work?
The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
-
When is the self-assessment tax return deadline?
If you are self-employed, rent out a property or earn income from savings or investments, you may need to complete a self-assessment tax return. We run through the deadlines you need to know about