Beazley gross written premiums drop 2%

Premiums fell to $537m from $583 in the same period a year ago, with investment and cash up at $4.6bn from $4.3bn and a year-to-date investment return of 0.9% versus 0.7% in 2016.

Specialty lines, its largest division, achieved premium growth of 6% year-on-year, writing $277m in the first three months of 2017.

In the first quarter of last year, the division had a one-off premium related to the acquisition of an international healthcare portfolio and, that aside, continues to achieve double-digit growth. Excluding the impact of this one-off premium, the group's gross premiums written have risen 5% year-on-year at constant exchange rates.

Chief executive Andrew Horton said: "In February we announced the acquisition of Creechurch Underwriters in Canada, expanding our specialty lines presence in that country. This forms part of our longer term strategy to develop our non-US specialty lines business, in parallel with our continuing growth in the US.

"Our first quarter premium and investment income numbers represent a solid start to 2017."

The company said that in the absence of any major natural catastrophe losses before 30 June 2017, its combined ratio for the first half of the year is expected to be broadly in line with its long-term average.