Specialty lines premium grows 19% as rate increases help the book grow
London market insurer Beazley has reported a 6% rise in gross written premiums (GWP) to $546m (£358.9m) for the first quarter of 2015.
This was largely driven by a 19% increase in the level of specialty lines written by the insurer and a 28% increase in GWP for its life, accident and health division.
This helped offset a 10% decrease in marine GWP as well as a 6% decrease in premiums for both the political risk and contingency and reinsurance books.
Property GWP grew by 4% over the first quarter compared to the same period in 2014.
Chief executive Andrew Horton said: “We managed to offset the impact of the very competitive trading conditions in many of our lines with growth in specialty lines, particularly our cyber related business and life, accident and health where we have been investing. Gross premiums written by our underwriters based in the US grew to $147.9m which represents growth of 36% in this business compared to the first quarter of 2014.
“At the end of March 2015, we announced a partnership with Korean Re, a top ten global reinsurer, to develop business together and to establish a special purpose syndicate at Lloyd’s, syndicate 6050.”
Rates at the insurer decreased by 1% across its whole portfolio, while specialty lines benefitted from a 4% uptick in rates.