Renewal rates fell 2%, but claims experience favourable
Beazley said its gross written premium rose 6% to $1.64bn in the nine months to September, from $1.55bn year earlier.
Renewal premium rates fell by 2% compared to a 1% fall in the comparable period last year. The company said its claims experience continues to be favourable.
Investment yield for the year to date was 1.1%, compared with a total of 1.9% for the whole of 2014.
Chief executive Andrew Horton said premium growth was achieved through “identifying attractive opportunities in a market that continues to be highly competitive for many lines of business.”
He said the company continues to see “strong growth” in US specialty lines business, serving the professional liability and management liability needs of SMEs.
While overall GWP rose 6%, the increase was 9% at constant exchange rates. Specialty lines, Beazley’s largest division, saw premiums rise 19% to $748m from $627m. This growth offset the effect of “highly competitive” market conditions in other lines, Beazley said.
The group’s locally-underwritten US business continued to see growth, with premiums written increasing 22%.
“We have continued to invest in our underwriting teams, including an expansion of our Beazley Breach Response services and the creation of a new team to focus on the media industry. We have also expanded our product offerings to the healthcare industry and in the data breach market,” Horton said.
In September, Beazley joined up with Aspen and Brit to launch the International Cyber Consortium to provide data breach cover to businesses outside the US with revenues in excess of $5bn.