(Alliance News) - Beazley PLC on Friday reported growth in gross premiums written as the insurer hailed "excellent and continuing market conditions".
Beazley is the parent company of insurance businesses operating in Europe, North America, Latin America and Asia
The insurer said gross written premiums were 12% higher at USD1.37 billion in the first quarter of 2023 from USD1.23 billion a year earlier.
Net written premiums increased by 24% to USD1.07 billion from USD859 million.
Beazley said Cyber Risks performed well with 24% growth in the first quarter, reflecting "strong growth in Europe despite more modest rate increases", as well as the market adjusting to updated war exclusions.
"The first quarter saw us deliver good headline growth in line with our expectations, underpinned by growth in property, where we are taking advantage of the excellent and continuing market conditions," Chief Executive Officer Adrian Cox said.
Beazley still expects to achieve a combined ratio in the "high 80s" this year.
For 2022, its combined ratio came in at 89%, better than the 93% achieved in 2021. A ratio below 100% indicates an insurer is making underwriting profit, so the lower, the better.
"We remain confident in our growth guidance of mid teens gross premium written and mid 20s net premium written for 2023 full year," Beazley added.
Shares were up 3.8% at 609.00 pence each on Friday morning in London.
By Xindi Wei, Alliance News reporter
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Beazley (BEZ)