Beazley posts 11 per cent rise in gross written premiums

Beazley, which provides risk insurance and reinsurance products, reported an 11 per cent increase in gross written premiums to 518m dollars in the first quarter.

Beazley, which provides risk insurance and reinsurance products, reported an 11 per cent increase in gross written premiums to 518m dollars in the first quarter.

The company said the first three months were driven by a 24% jump in premiums in the marine division. The unit was supported by growth in the marine liability book and by the new aviation team that started writing business in the fourth quarter.

Life, accident and health also rose 24% to $36m.

Premiums in the reinsurance division grew 20% to $91m, largely thanks to the catastrophe book and investments in growing its team.

In specialty lines an 8% increase to $185m was bolstered by improvements in management liability and in the technology and media business.

Property remained unchanged at $84m as did political risk and contingency, which came to $29m..

Rates increased by 2.0% across the portfolio.

"We have made a positive start to 2013 with an 11% increase in premium and rates rising across most of our business," Chief Executive Officer, Andrew Horton, said.

The level of claims notifications during the first quarter was in line with expectations.

Investment income for the quarter came to $26.3m. The annualised investment return for the period was 2.6% compared to 1.9% the previous year.

During the period, Beazley acquired £26m of its subordinated debt issued in 2006 through its offer in February, leaving £76m of this debt in issue.

Shares climbed 1.28% to 229.40 at 09:52 Thursday.

RD

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021