The Beazley Group has almost doubled its profit before tax at its year end to £33.4m from £17.1m a year earlier, it was announced today.
Earnings per share increased to 9.3p from 5p in 2003, while gross premiums written grew to £751 from £708m. The group reported a combined ratio figure of 90%, offset by the 2004 hurricane season from the 82% reported a year earlier.
In the group's Lloyd's syndicates, the year end results showed a £37m profit, despite the £43m impact of the US hurricane season. Net premiums written increased by 13% to £617m.
The company said it had achieved a 13.3% return on its 2002 year of account, and improved its estimate for the return on the 2003 year of account from between 8% and 15% to between 10% and 15%.
Growth in its US portfolio in 2005 is expected to increase specialty lines business processed through its Lloyd's account, Beazley said. In this division gross premiums written grew to £381m from £341m a year earlier.