Source: Sharecast
Updating on trading, the blue chip – which manages a number of Lloyd’s syndicates – said insurance written premiums rose 2% in the three months to March end, to $1.51bn. Net premiums rose 1%, at $1.25bn.
The uplift was driven by a 7% jump in property risks, which helped offset a 2% decline in cyber risks and a flat digital performance.
Investments and cash sparked 9%, at $11.76bn.
But premium rates on renewal business decreased by 4%, compared to a 1% increase a year previously.
Adrian Cox, chief executive, acknowledged that “as expected, markets had softened” during the opening months of the year.
But he continued: “We maintained our focus on strong underwriting discipline while navigating those conditions.
“Our guidance for the year of mid-single digits growth and an undiscounted combined ratio of mid-80s is unchanged.”
Shares in Beazley fell 5% as trading got underway on Tuesday, with the stock hitting 836p as at 0830 BST.
As well as the UK, Beazley has operations in Europe, North America, Latin America and Asia.
