LONDON (dpa-AFX) - Beazley Plc (BEZ.L), a British insurance provider, reported Friday that its first-quarter gross premiums written increased 27 percent to $1.23 billion from last year's $971 million. This was driven by a combination of rate increases and adding exposure in a number of areas.
Premium rates on renewal business increased 17 percent, compared to 16 percent last year.
Growth has been achieved in most of the company's divisions. Overall, gross premiums written and rate change year to date are slightly ahead of expectations across all divisions.
The company noted that claims experience in the year so far was better than expected.
The company reported investment loss of $92 million as of March 31, compared to prior year's gain of $27 million.
Adrian Cox, Chief Executive Officer, said, 'Whilst the overall rating environment remains positive, the rate change across parts of our business is beginning to moderate. The impacts of the war in Ukraine go far beyond those which are financial.... We continue to monitor the situation closely and have assessed our potential exposures across our business. To date we have seen a small number of claims with respect to the conflict and we remain confident in our combined ratio guidance of around 90 percent for the full year.'
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