Beazley reports strong growth in property as group-wide premiums rise 7% in 9M’24

Specialist insurer Beazley has reported a 7% rise in net insurance written premiums to $3.8 billion for the nine months ended September 30th, 2024, and has maintained its combined ratio guidance for the year at around 80% despite expected losses of up to $175 million from hurricanes Helene and Milton.

As well as the rise in net insurance written premiums, gross insurance written premiums also increased by 7% year-on-year to $4.6 billion.

Premium growth was strong in Cyber at 6% to $924 million, while Digital premiums increased 12% year-on-year to $190 million, and the Property Risks book grew 24% to $1.4 billion, somewhat offset by a 5% decrease to $719 million in MAP Risks, and a 1% dip to $1.4 billion in Specialty Risks.

For 9M 2024, premium rates on renewal business are flat as expected by the firm, compared with a 5% rate increase last year.

By segment, year-to-date rate increases of 2% in Property Risks and MAP Risks and 1% in Specialty Risks, was more than offset by decreases of 6% in Cyber Risks and 3% in Digital.

In terms of claims, Beazley has estimated the combined impact of Helene and Milton to drive a loss of between $125 million and $175 million, net of reinsurance. Taking this into account, as well as the company’s claims experience across the group so far in 2024, Beazley is maintaining its undiscounted combined operating ratio guidance of around 80% for the full year.

On the asset side of the balance sheet, investments and cash increased 15% from $9.98 billion in 9M 2023 to $11.43 billion in 9M 2024, with a year-to-date investment return in 2024 of 4.7%, up from 2.1% last year.

“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,” said Adrian Cox, Chief Executive Officer.

Lastly, looking at capital, Beazley says that it aims to maintain a Solvency II ratio in excess of 170%. Looking ahead to next year, the specialist re/insurer is expecting market conditions which would typically result in slightly lower growth than the company has seen this year.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.