The growth came despite a reduction in cyber risks IWP compared to last year

Beazley has revealed that it grew its insurance written premium (IWP) by 7% in the first quarter of 2024.

In a trading update, the insurer revealed that it secured $1.48bn (£1.18bn) in the three months to 31 March, up from $1.38bn (£1.10bn) during the same period last year.

Net IWP also grew 11% year-on-year, while premium rates on renewal business increased by 1%.

The growth came despite Beazley securing less revenue in its cyber risks arm – figures showed the division generated $253m (£201m) in Q1 2024, down from $280m (£223m) in Q1 2023.

The firm said this was predominantly driven by different premium recognition patterns as a result of it using more distribution partnerships.

“We remain confident in the short and long-term growth opportunities in this class and that underlying rates which, despite the continued softening, remain adequate.

“We are expecting moderate growth in 2024.”

Adrian Cox, chief executive of Beazley, added: “It has been a solid start to the year where we have demonstrated our ability to continue to grow whilst exercising underwriting discipline.

“We are confident of delivering our gross growth guidance for the year of high single digits.”

Business lines

Most of Beazley’s growth came as a result of increased IWP in its property and specialty risk divisions.

Within its property arm, IWP grew from $357m (£285m) to $451m (£360m), while speciality IWP rose from $429m (£342m) to $455m (£363m).

“We continue to see exciting opportunities for property risks as business increasingly moves into the E&S market,” Beazley said.

“We are well placed to take advantage of this, as demonstrated by 26% growth in the first quarter.

“In specialty risks, the D&O market remains very competitive and we remain focused on robust underwriting discipline and cycle management.

“This includes taking opportunities in smaller, niche areas within the division, which is reflected in the moderate growth seen in the first three months of the year.”

Cox added that he was “optimistic” about the rest of 2024 across all business lines.

“We remain optimistic about the outlook for our business in 2024 and beyond, focusing on continued, targeted growth and active capital management as the rate environment normalises,” he said.