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Beazley 9-month Gross Premiums Written Up; Sees Growth Next Year - Quick Facts

Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) reported Friday that its nine-month gross premiums written increased 16 percent to $2.53 billion from last year's $2.19 billion, ahead of expectations.

The growth in gross premiums written was driven primarily by rate rises across all divisions.

In its trading statement for the nine months ended September 30, the company noted that premium rates on renewal business increased 14%.

The company noted that Covid-19 first party loss estimate remain unchanged at $340 million net of reinsurance. Investment return was $124 million as of September 30, down from $215 million a year ago.

Looking ahead, Andrew Horton, Chief Executive Officer, said, "Pricing conditions are positive and we have the expertise and the capital in place to take advantage of these market conditions. We have great confidence in our ability to deliver mid-teens growth next year and strong shareholder returns in 2021 and beyond."

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