Beazley plc, which is domiciled in Dublin, Ireland, reported a 9 percent increase in gross premiums written to $465 million, compared to $426 million in the same period last year.
Beazley’s interim management statement also noted the following highlights:
– Premium rates on renewal business increased by 2 percent — Estimate of 2011 catastrophe losses, including Thailand, remains unchanged
– Total cash and investments up 1 percent at $4.027 billion — Investment yield of 0.5 percent
The report said the “first three months of 2012 saw increased premiums when compared with the equivalent period of 2011, this was driven by planned growth in life accident and health, political risks and contingency and specialty lines. The increase in the marine division is driven by additional premium in our energy business.”
CEO Andrew Horton commented: “The first quarter of the year has seen a number of positive developments, with premium volume and rates up in line with our business plan. After the exceptional events of 2011 – for which our original loss estimates remain unchanged – claims activity has been benign.”
The report also pointed out that Beazley, which has important operations in the U.S., is also looking at Europe for future growth. It noted that on the 12th of April “more than 190 French brokers attended a Beazley reception in Paris as part of re-launching our French presence and products. We have identified France as a priority growth market in Europe for 2012 and beyond.”
Source: Beazley plc
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