Lloyd’s of London insurer Beazley records further growth despite Helene and Milton
Lloyd’s of London insurer Beazley has recorded further growth in its insurance book and is on track to hit its profit target for the year despite hurricanes Helene and Milton.
In a trading update for the nine months ended 30 September 2024, the company reported insurance written premium growth of seven per cent to $4.6bn (£3.6bn).
Despite the hit, the Lloyd’s of London insurer said it’s still guiding for an undiscounted combined ratio of 80 per cent for the year. A combined ratio of 100 per cent or less indicates an underwriting profit, while anything above signals a loss.
Beazley also reported investment income of $513m (£400m) for the first nine months of its fiscal year, a return of 4.7 per cent. Last year it earned 2.1 per cent on its investment portfolio over the same period.
Adrian Cox, Chief Executive Officer, said: “I am extremely proud of how our business has navigated the volatile claims environment we have seen so far this year. Our commitment to disciplined underwriting and our risk selection expertise mean that, despite an active hurricane season and a global cyber event, we expect to deliver an undiscounted combined ratio of around 80% for the full year, consistent with our guidance at our interim results in August.”
However, despite the company’s upbeat trading update, it did note the faster-than-average premium growth that the industry has seen over the past three years has moderated.
Beazley reported that premium rates on renewal business had been flat over the nine month period, compared to growth of five per cent in the same period last year.