Beazley’s Gross Premiums Written increased by 12% in Q1
The specialty re/insurer, which officially became a member of the FTSE 100 index in December, reported that its gross premiums written for the quarter grew by 12% to $1.37 billion from $1.23 billion in the same period last year.
Beazley claims that the reason for the increase in net premiums written, which rose by 24% to $1.07 billion from $859 million for the same period in 2022, was the Cyber Risks class, which saw strong growth in Q1 ($280 million of GWP), reflecting expansion in Europe despite more modest rate increases and the market adjusting to new war exclusions.
According to the corporation, the growth also includes some positive premium adjustments from the previous year. Beazley continued, We have taken advantage of the huge opportunity in the property (re)insurance market(s),” Beazley remarked.
Property risks increased by 56% in the first quarter of this year ($347 million of GWP), with both exposure growth and high double-digit rate hikes in evidence. In light of this, the company stated that “combined ratio guidance remains unchanged at the high 80s for 2023 full year.”
Beazleys’ Chief Executive Officer, Adrian Cox, stated: “In the first quarter, we delivered good overall growth, in line with our expectations and supported by growth in real estate, where we are benefiting from excellent and ongoing market conditions.”
We can adapt as new possibilities and difficulties arise thanks to our broad business and our capacity to do so in accordance with underwriting pricing cycles.We have a favorable view for the first half of the year and are confident in meeting our full-year target. He continued
For more articles, visit our website