An 18% surge in the US market and a jump in property rates grew Beazley’s gross written premium (GWP) grow 11% to $US1.96 billion ($2.71 billion) in the year to September.

“Our business continues to deliver double-digit premium growth and has been aided by higher rates in some classes following last year’s catastrophe losses,” CEO Andrew Horton said.

US momentum is expected to continue and the company aims to again deliver high-single-digit growth next year, he says.

The London-based company’s specialty lines GWP grew 11% to $US1.03 billion ($1.42 billion) and property premium increased 21% to $US340 million ($470 million). The political, accident and contingency division’s GWP gained 5% to $US183 million ($253 million).

Beazley says it will stop underwriting construction and engineering business, which accounted for about 10% of property division premium last year, because it is unlikely to satisfy “cross-cycle” profitability requirements in the foreseeable future.

It estimates losses from hurricanes Florence and Michael and typhoons Jebi and Trami will be about $US105 million ($145 million).