Nov 07, 2023
Beazley's Trading Statement reports profitable growth and "strong profit" expectations for the year
Beazley plc's end-September Trading Statement published today reveals strong net premium growth. The brief Trading Statement is available here.
Key financials:-
- Insurance written premiums up 9% to US$4,325m;
- Net insurance written premiums up 26% to US$3,532m;
- property insurance written premium up 63% with rates up 24%;
- Investment income US$202m = 2.1% so far this year.
The expectation for the 2023 calendar year is a combined ratio in the low 80s and so as Adrian Cox, Beazley's CEO, comments "I look forward to reporting a strong profit at year-end."
The Trading Statement does mention "significant dislocation in the D&O market" and "sustained, demand led growth" in cyber.