(Alliance News) - Beazley PLC on Tuesday said it expects to report a "strong" full year profit after posting a surge in insurance written premiums.
Beazley is the parent company of insurance businesses operating in Europe, North America, Latin America and Asia.
Beazley said net insurance written premiums in the nine months to September 30 surged 26% to USD3.53 billion from USD2.80 billion, while written premiums rose 9% to USD4.33 billion from USD3.98 billion the year before.
The company also reported a positive investment income of USD202 million, or 2.1%, compared to a loss of USD99 million, or 3.6% a year ago.
Looking ahead, Chief Executive Officer Adrian Cox said he is looking forward to "reporting a strong profit at year-end," adding that "the insurance business is cyclical, and market conditions are evolving quickly.
"We have chosen to exercise underwriting discipline, meaning growth to date is less than we had planned at the start of the year, he added." However, our agile underwriting and the strength of our platform strategy means we have delivered profitable growth to date and our claims experience is better than anticipated."
Shares in Beazley rose 4.4% to 553.50 pence each in London.
By Sabrina Penty, Alliance News reporter
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Beazley (BEZ)