Beazley enjoys rising premiums across divisions

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Beazley PLC (LON:BEZ) said gross premiums have increased ahead of expectations in the third quarter and its Covid-19 losses remained in line with a recent update.

The Lloyd’s of London insurer said it has written premiums of US$2.5bn in the nine months of 2020 so far, a 16% increase on a year ago.

Premium growth has been driven primarily by rate rises across all divisions, with premium rates on renewal business up 14%.

A third-quarter catastrophe estimate has been made of roughly US$80mln net of reinsurance.

The investment return of US$124m as at September 30, was down from US$136mln returned at the end of August but up from US$83.2mln at June-end.

Chief executive Andrew Horton said: “Pricing conditions are positive and we have the expertise and the capital in place to take advantage of these market conditions. We have great confidence in our ability to deliver mid-teens growth next year and strong shareholder returns in 2021 and beyond.”

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