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Beazley grows GWP despite challenges

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Global specialty insurer Beazley reported gross written premium of $US1.76 billion ($2.3 billion) for the nine months to September 30, up 6% on the previous corresponding period.

Rates on renewal business decreased 1% during the period, reflecting an environment in which rates “continued to be challenged” in areas such as terrorism, energy and war.

Beazley warns natural catastrophe claims net of reinsurance may hit $US300 million ($391.21 million), and the expected combined operating ratio for the full year is about 100%.

The third quarter… was defined by the high frequency and severity of natural catastrophes,” CEO Andrew Horton said. “Beazley is in the catastrophe insurance business and paying natural catastrophe claims is part of what we do.

“These events will naturally affect our full-year results, but our diverse underwriting portfolio continues to serve us well.

“We also expect to see rate increases across some lines of business in the coming months.”