LONDON (ShareCast) - (Sharecast News) - Insurance giant Beazley warned on Monday that premium growth had slowed and renewal rates had fallen in the nine months ended 30 September, with weakness in cyber risks and softer conditions across several specialty lines weighing on performance.
Beazley said investment income had also come in lower year‑on‑year, reflecting tougher market conditions, even as underwriting discipline continued to underpin profitability. Gross written premiums rose just 1% during the period to $4.67bn and net premiums were up 4% at $3.92bn, while renewal rates fell 4%, compared with flat pricing a year earlier, highlighting competitive pressures.

Cyber Risks premiums in North America dropped 8%, with rates down 6%, while Specialty Risks also saw softer demand, particularly in directors' and officers' and healthcare lines.

The FTSE 100-listed firm stated that investment income had slipped to $458m, or 3.9%, down from $513m a year earlier.

Despite the weaker growth backdrop, Beazley upgraded its combined ratio guidance to the low 80s, citing benign catastrophe activity and continued underwriting discipline. Beazley said also said attritional claims had normalised in the third quarter after a quieter first half, but remained within expectations.

Looking ahead, management stressed that profitability remained the priority, even at the expense of volume growth, and reiterated its confidence in the firm's long‑term opportunities.





Reporting by Iain Gilbert at Sharecast.com

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