Beazley gross written premiums up 6%

Beazley reported a 6% rise in gross written premiums in the first nine months of the year amid strength in its specialty lines.

The Lloyd’s of London insurer said gross written premiums came in at $1.64bn (£1.1bn) up from $1.55bn in the same period a year ago.

Chief executive officer Andrew Horton said: "We are pleased to have achieved premium growth of 6% to date this year by identifying attractive opportunities in a market that continues to be highly competitive for many lines of business.”

The company said it continued to see strong growth in its US specialty lines business, which serves the professional liability and management liability needs of mid-sized and small organisations.

Gross written premiums in specialty lines, which is the largest division, grew 19% to $748m , helping to offset the highly competitive market conditions for other lines.

Beazley said it continued to experience strong growth in its locally underwritten US business, with premiums written increasing 22% compared to the first nine months of 2014.

The insurer said that during the year, prior year claims have developed favourably and catastrophe claims have continued below normalised levels. Provided this experience continues until the end of the year, it expects to achieve a combined ratio better than its long-term average.

At 1010 GMT, Beazley shares were up 0.2% at 368.00p.