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Beazley steps up expansion plans as earnings rise

Specialist insurer Beazley is pressing ahead with growth plans, including in Europe and the US, encouraged by improved earnings for the half-year to June 30.

Pre-tax profit grew 6% to £158.7 million ($260.87 million) in the half, and gross written premium increased 2% to £1.15 billion ($1.89 billion).

The combined operating ratio stayed at 90%.

“Despite our continued success in generating strong underwriting profits, conditions for many of our underwriters remain exceptionally difficult,” CEO Andrew Horton said.

“Our priorities in this environment are clear. We will not sacrifice profitability for growth, which means we will continue to walk away from underpriced business.”

The London-based insurer took steps during the half to shore up its growth prospects, including acquiring a specialist managing agent in Canada and hiring more underwriters in Europe, Singapore and Miami.

Beazley is working to expand in Europe, which accounts for more than 5% of overall business. It has established a new Dublin-based insurance company to support this.