LONDON (dpa-AFX) - Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) reported that its first-quarter gross premiums written increased by 16% to $971 million from last year.
Premium rates on renewal business increased by 16%, ahead of its expectations.
Catastrophe losses for first-quarter are estimated to be approximately $70 million net of reinsurance, largely driven by the storms which affected large parts of the West and South West US.
'Whilst the overall growth we are seeing is in line with expectations, we are benefitting from higher than expected rate changes,' the company said in a statement.
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