Beazley plc remains on track to meet its full-year guidance, reporting a 7% increase in insurance written premiums, reaching $4.6 billion by the end of Q3 2024. Net insurance written premiums also rose by 7%, totaling $3.8 billion, while premium rates on renewals remained steady as anticipated. The insurer achieved a robust investment return of $513 million, or 4.7% year-to-date, driven by favorable market conditions and strategic high-yield investments.
“Disciplined Underwriting”
CEO Adrian Cox highlighted Beazley’s resilience amid a challenging claims landscape, stating, “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.”
Beazley’s divisions reported mixed results, with Property Risks emerging as a growth leader, up 24%, and Cyber Risks showing a 6% premium increase despite an uptick in ransomware claim severity. Specialty Risks, facing pricing pressures, saw moderate growth, while MAP Risks experienced a slight reduction due to restructuring, though demand remained strong.
With a Solvency II ratio above 170%, Beazley maintains a solid capital position and continues its active capital management strategy. The insurer’s investment portfolio performed well, achieving a 4.3% average yield on fixed-income assets, benefiting from gains in equities and high-yield credit. The successful share buyback program reflects Beazley’s commitment to returning excess capital to shareholders, with further distribution plans to be evaluated at year-end.
Looking to 2025, Beazley anticipates a slight moderation in growth due to evolving market conditions but remains well-positioned for sustained profitability and disciplined expansion.
Source: Beazley on track to deliver Full Year guidance.
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