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Increasing premium rates, organic growth buoy Beazley

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Specialist insurer Beazley has increased its gross written premium by 12% to $US2.19 billion ($3.21 billion) in the third quarter compared to the previous corresponding period.

Premium rates on renewal business increased by 6% compared to last year.

Premiums were down in the property division as a result of ceasing writing construction and engineering business, but the new specialty lines division saw 24% premium growth to $US662 million ($971.22 million), while there was also 16% growth in cyber and executive risk.

Organic growth and rate rises across many lines of business were responsible for the growth in premiums, CEO Andrew Horton says.

Beazley’s exposure to natural catastrophes has led to higher claims activity, costing it $80 million ($117.37 million) net of reinsurance and reinstatement premium.