|  Updated: 

Beazley on track for year guidance as gross premiums rise to £3.3bn

By:

Add as a preferred source on Google
Beazley said its undiscounted combined ratio, a measure of profitability used by insurers, had surpassed forecasts in 2023.
Beazley said its undiscounted combined ratio, a measure of profitability used by insurers, had surpassed forecasts in 2023.

Beazley remains on track to deliver its year guidance of a high 80s combined ratio following a 22 per cent increase in written gross premiums. 

In the nine months ended 30 September, the insurance powerhouse’s premiums rose to $3.9bn (£3.3bn) as a result of significant growth in all of its divisions. 

Premium rates on renewal business went up 17 per cent – lagging slightly behind last year’s levels. 

“We have had a strong underwriting performance over the quarter with all divisions continuing to grow,” said chief executive Adrian Cox. 

“As expected overall rates have moderated, however we are seeing increased demand across many lines of business which supports our growth ambitions.”

Even though the company posted a loss of $289m due rising yields in its income portfolio, Cox said that “rising yields also mean we anticipate significant future investment returns.”