It seems that specialty insurer Beazley has made a flying start to 2019.
Releasing its trading statement for the three months ending March 31, 2019, the company reported that gross premiums written had shot up by 16% to stand at US$731 million (around NZ$1.11 billion) – up from US$631 million (around NZ$958.9 million) the prior year. Premium rates on renewal business also increased 3% and the company enjoyed an investment return of 2%.
“Beazley started 2019 very positively from a premium growth perspective,” said CEO Andrew Horton. “However, our marine, property and reinsurance businesses continued to be impacted by higher than normal levels of claims.”
Examining the performance segment by segment, marine GWP rose by 14% year-on-year to reach US$81 million, while reinsurance increased from US$90 million to US$103 million. Cyber and executive risk (which has been separated from previously being part of specialty lines) climbed from US$134 million to US$159 million; political, accident and contingency was up from US$67 million to US$86 million; specialty lines climbed from US$161 million to US$200 million; with property being the “black mark” falling from US$108 million to US$102 million.
In addition, the company took the opportunity to make some business updates – with Richard Montminy to join the firm later this month as head of the property division, taking over from Mark Bernacki. It also confirmed the previous announcement that Nicola Hodson and John Reizenstein have taken on the roles of non-executive directors.