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Beazley retreat from Australia hits GWP

Beazley says the sale earlier this year of its accident and health portfolio in Australia led to a $US10 million ($13.04 million) gross written premium (GWP) hit.

The global specialty insurer has revealed the figure in a trading statement for the nine months to September 30.

As reported by insuranceNEWS.com.au in May, Beazley sold its accident and health portfolio to Blend, a new underwriting agency backed by Steadfast and Fairfax Financial subsidiary Advent Capital. It retains its local contingency business.

“Our decision to cease writing business in Australia had a negative impact on premium of about $US10 million during the period,” the report says.

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