Beazley grows premiums to $3.19bn in H1’25 amid disciplined market stance

Beazley has reported insurance written premiums of $3.19 billion in H1 2025, up 2% from $3.12 billion in H1 2024, with CEO Adrian Cox saying the growth reflects the firm’s disciplined approach and its strategy of prioritising rate adequacy and long-term profitability over short-term income.

Of the total in H1 2025, Property Risks contributed $1.03 billion, Specialty Risks $946.8 million, MAP Risks $552.1 million, Cyber Risks $544.3 million, and Digital $118.2 million.

Beazley also delivered a strong profit before tax of $502.5 million in H1 2025, though it was down some 31% from $728.9 million in H1 2024.

According to the firm, the profit figures reflect its continued ability to navigate complex market conditions with “discipline and agility”.

Meanwhile, Beazley’s insurance service result in H1 2025 was $493.7 million, down from $558 million in H1 2024, resulting in a discounted combined ratio of 80.3% and an undiscounted combined ratio of 84.9%.

Providing some background on the decreases, Beazley said, “During the prolonged soft market between 2010 and 2018, rate momentum was limited and market-wide growth opportunities were scarce.

“Even then, our approach was one of discipline, choosing not to pursue unprofitable growth. Instead, we leaned into the future by identifying the opportunity and investing early in cyber, a class that has since become an increasingly important and complex area of specialty insurance. That foresight reflects the same judgment we continue to apply today.

In contrast to the previous softer cycle, there is a fundamental difference in today’s environment; the claims environment is active in respect to both frequency and severity, and uncertainty is elevated.

“We have seen climate-related natural catastrophes such as the wildfires in California, alongside heightened cyber threats, including a wave of ransomware attacks which particularly impacted retailers in the UK and Europe in the first half of 2025.

“This has been further compounded by the continued rise of social inflation in North America, which is driving greater complexity and cost across multiple lines in the specialty insurance sector. In this context, rate discipline is essential.”

Beazley continued, “We believe this reinforces the value of our approach: staying resolutely focused on profitability, underpinned by deep underwriting expertise. Our ability to grow selectively in order to maintain our strong performance, particularly during more competitive points of the cycle, is reflected in our Property Risks undiscounted combined ratio of 76.1% in the first half of the year.

“Achieving such a strong result during a half-year period which had the second highest market-wide losses on record, reinforces our confidence in the long-term trajectory of the business whilst demonstrating our expertise and commitment to managing our aggregate in this increasingly complex area of risk.

“Growth in recent years has been exceptionally strong, supported by a combination of increased exposure and significant rate momentum across many of our lines. These conditions were dislocated and temporary.”

In H1 2025, the firm’s investment team also achieved impressive results, generating $308.5 million, up from $251.7 million in H1 2024, with an annualised return on equity of 18.2%.

Cox concluded, “Our depth of experience in operating within a cyclical environment means we know when to take risks, and when to pull back. This phase is no exception.

“As ever, we are focused on accessing the right opportunities, backed by the strength of our people, platforms and product set, all of which underpin our ability to adapt with confidence during periods of elevated uncertainty.”