(Alliance News) - Beazley PLC on Thursday reported a positive start to 2021 and said it expects the momentum to continue.
The London-based insurer said gross premiums written increased by 16% to USD971 million in the three months to the end of March compared to USD840 million a year earlier.
Premium rates on renewal business also increased by 16%, ahead of the firm's expectations. This was driven by a combination of rate increases and adding exposure in a number of areas.
Beazley said its investments returned USD27 million, or 0.4%, in the first quarter. The company noted that it expects investment returns to remain low in the near term.
"We have had a positive start to the year with good rate momentum that is well ahead of our expectations as well as continued strong targeted growth. We expect favourable market conditions to continue and are well positioned to take advantage of them given our capital surplus remains within our preferred range," said Chief Executive Adrian Cox.
Cox replaced Andrew Horton as CEO in April. Cox was previously chief underwriting officer and has been a member of the Beazley board since 2010.
Beazley shares were trading 0.9% lower in London on Thursday at 314.70 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Beazley (BEZ)