Insurer remains upbeat despite challenging underwriting conditions.
Beazley Group has announced its six month profits to 30 June 2008, with a drop in profit to £45m, compared to £60.2m for the same period last year.
The insurer has also seen drops in its gross written premium, down 6% to £407.3m, with the earnings per share dropping to 9.1p from 11.6p.
Beazley released £23.4m of prior year reserves over the six month accounting period.
Beazley Group chief executive Andrew Beazley said: “The first half of 2008 has been a challenging period for underwriters and investment managers. Despite this, we have still achieved a highly creditable result that is consistent with our track record of unbroken profitability. In markets like this, our steady, long term investments in underwriting talent make a major difference to performance.
“Our US venture continues to thrive and is giving us opportunities to write attractive new business to complement our core Lloyd’s accounts. The US is now well established and continues to grow.”