Beazley reports 'strong' Q1 growth, confident on guidance

Beazley posted strong growth for the first quarter and reiterated its full-year guidance.

"The first quarter saw us deliver good headline growth in line with our expectations, underpinned by growth in property, where we are taking advantage of the excellent and continuing market conditions," the specialist insurer's chief executive officer, Adrian Cox, said.

"Our diversified business, together with our ability to adapt according to the underwriting pricing cycles, allow us to adjust as opportunities and challenges emerge."

Gross premiums grew by 12% to $1.37bn with net premiums ahead by 24% to 1.07bn.

Premium rates on renewal business jumped by 10%, while net income from investments came in at $104m.

The specialist insurer also expressed confidence in its outlook for the first half, adding that it was confident that it would hit its full-year guidance.

The full-year combined ratio was still seen in the high 80s.