Lloyd’s insurer Beazley was first out the blocks for the half-year results season, posting solid profits of $150.2m (2014 h1: $154m) amid fierce pricing competition.
Boss Andrew Horton said rates had fallen 2% overall with the biggest fallers being 15% in energy business, 4% in reinsurance, and 7% in large scale commercial property business.
Gross written premium increased 2% to $1.12bn
|Period ended 30 June 2016||Period ended 30 June 2015||% Movement|
|Profit before tax||150.2m||154.5m||(3)|
|Earnings per share||17.3||17.2|
Chief executive Horton said: “Our business in the US continued to grow strongly in the first half of the year, partially offset by continued premium rate declines for much of the large risk business we underwrite in London.
“The global attractiveness of Beazley to talented underwriters with entrepreneurial flair was very clear. We welcomed 36 new underwriters in the first half across a wide range of disciplines, including healthcare, environmental, marine, and fine art and specie.”
Horton remained confident that Brexit would not knock his business, which has redomiciled from Ireland to the UK.
”The UK referendum vote to leave the European Union in June will undoubtedly complicate planning for many businesses based in the City of London. For Beazley we do not expect the impact to be greatly disruptive, although the long term macroeconomic repercussions of the vote are hard to predict,” he said.