Insurer also sees 5% rise in annual premium rates

Beazley’s profits before tax increased 52% to £70m, barring foreign exchange movements (forex).

Including exchange movements, the insurer’s profits fell £45m to £20m for the first six months of this year, compared with the same period last year. Beazley writes most of its business in US dollars.

The Lloyd’s insurer posted gross written premiums of £596m, up 46%, excluding forex.

Chief executive Andrew Horton said: “Our business performed well … against a backdrop of turbulence in insurance and investment.

“Across our portfolio, we saw a 5% increase in renewal premium rates, driven by significant rate rises for classes of business – such as energy, large-scale commercial property, and reinsurance – that were affected by the year’s severe hurricane season.”

In the past 12 months, the company had raised £150m through a rights issue and placing, helping it to acquire US commercial underwriter First State Management Group for £35m. The group also redomiciled to the Republic of Ireland.