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Positive Start to 2013 Boosts Beazleys 1Q Premiums by 11%

Source: BestWire

Posted on 10 May 2013 by Neilson

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Beazley profitsIn what it described as a positive start to the year, Beazley plc reported an 11% increase in first-quarter premiums to $518 million.

Buoyed by a 4% advance in specialty lines rates, premiums rose by an average of 2%, Beazley said in a statement.

The marine division registered a 24% increase in premiums to $93 million. Beazley pointed to a growth in the teams business and the addition of an aviation underwriting team in the last quarter of 2012.

"We have made a positive start to 2013 with an 11% increase in premium and rates rising across most of our business," Andrew Horton, chief executive officer, said in a statement.

Reinsurance premiums rose by 20%, to $91 million, due to increased catastrophe business, Beazley said. Specialty premiums were up 8%, to $185 million, as a result of an increase in management liability, technology and media business, Beazley said.

Life, accident and health saw a 24% rise in premiums to $36 million. Marine premiums were up 24% to $93 million. Political risk and contingency premiums were unchanged at $29 million.

The annualized rate of investment return was 2.6%, up from 1.9%. Investment income was $26.3 million.

Beazley said it strengthened its reinsurance underwriting operation with appointments in London and Singapore, and an appointment in Miami designed to generate business originating out of South America. A new specialty lines product was introduced in the United Kingdom, Italy and France.

The group said claims experience met expectations and that there was no deterioration in its estimated losses from last years Superstorm Sandy in the northeastern United States.