May 12, 2023
Beazley plc group trading statement
Beazley plc has released its Trading Statement for Q1 of 2023.
This is available here in full.
Selected extracts as follows:-
"We have taken advantage of the significant opportunity in the property (re)insurance market(s) which we had been anticipating. Property Risks grew by 56% in Q1, with both exposure growth and high double digit rate increases in evidence."
"Consistent with our cycle management approach and given the more attractive current market conditions in our other classes of business, we have reduced our risk appetite in Specialty Risks, which remains impacted by a number of headwinds including a very competitive rating environment in D&O and ongoing social inflation within our healthcare book."
See Beazley's GWP and rate changes to the end of March 2023 by business division:-
Gross premiums written 31 March 2023 |
Gross premiums written 31 March 2022 |
% increase/ (decrease) |
Year to date Rate change |
|
$m |
$m |
% |
<>
% |
|
Cyber Risks |
280 |
225 |
24 |
4 |
Digital |
57 |
54 |
6 |
2 |
MAP Risks |
260 |
271 |
(4) |
8 |
Property Risks |
347 |
223 |
56 |
29 |
Specialty Risks |
428 |
456 |
(6) |
- |
OVERALL |
1,372 |
1,229 |
12 |
10 |
Claims update
"Despite the active catastrophe environment in the first three months of the year, the level of claims is within the margins we hold, and we are able to reiterate our high 80s combined ratio guidance assuming claims experience is as expected for the remainder of the year."
Investment yields
Yields moved lower overall during this period, generating some capital gains, but the much improved level of yields now prevailing (4.6% on our fixed income portfolio at 31 March 2023) drove our return in the quarter.