Beazley grows IWP by 2% in Q1 2025

Beazley has revealed that it grew its insurance written premium by 2% in the first three months of 2025.

In a trading update published yesterday (29 April 2025), the Lloyd’s insurer said it secured £1.21bn ($1.51bn) in IWP in the first quarter of the year, while net IWP rose 1% to £1bn ($1.25bn) year-on-year.

Adrian Cox, chief executive at Beazley, said: “As expected, markets softened in the first three months of the year and we maintained our focus on strong underwriting discipline whilst navigating those conditions.”

He added that the business remained on track to deliver its guidance of mid-single digit gross premium growth and a mid-80s undiscounted combined ratio for the full year.

Lines of business

Property risks was the standout performer during the quarter, seeing 7% premium growth.

Cyber and MAP risks saw slight premium declines, however, with cyber premiums down 2% and MAP down 1%.

Beazley pointed to premium estimate adjustments from prior years as the reason for a subdued performance in its MAP division, which it expects to rebound by year-end.

The insurer also said that the cyber market remained competitive and that it ”continues to focus on its strong value proposition and underwriting discipline and deploying capital where it sees the best risk-reward dynamics”.