Beazley confirms 2019 nine-month results

Beazley confirms 2019 nine-month results | Insurance Business

Beazley confirms 2019 nine-month results

Things are looking good for Beazley Plc as the specialist insurer reveals its financial figures for the first nine months of 2019.

In the period ended September 30, Beazley posted a 12% increase in gross written premium (GWP) from US$1.96 billion in 2018 to US$2.19 billion this time around. The biggest jump, at 24% to US$662 million, was recorded by the specialty lines division.

Cyber & executive risk GWP grew 16% to US$567 million; political, accident & contingency, 11% to US$204 million; marine, 5% to US$231 million; and reinsurance, 2% to US$191 million.

Property GWP, on the other hand, fell 1% to US$337 million. The firm attributed the slight decline to its decision to cease writing construction and engineering business this year.

“We continue to see strong, double-digit premium growth across our business as a whole, driven by organic growth and rate rises across many lines of business,” noted chief executive Andrew Horton.

Beazley has also concluded its nine-month claims review, reporting an initial estimate of the costs of typhoons Faxai and Hagibis as well as hurricane Dorian at approximately US$80 million net of reinsurance and reinstatements premium.

Horton stated: “We have been anticipating a more difficult claims environment in areas such as directors & officers, employment practice liability, and healthcare liability in recent years. As such we have been adjusting our underwriting for several years in these areas and began opening at a higher reserve position at the start of 2018.”

Meanwhile Beazley’s investments and cash stood at US$5.66 billion in the period.