Beazley gross premiums up 22%
By Frank Prenesti
Date: Friday 11 Nov 2022
(Sharecast News) - Insurer Beazley reported a 22% rise in gross premiums for the first nine months of the year and initial estimated losses from Hurricane Ian would be $120m.
It added that guidance for a combined ratio of high 80s remained in place.
Beazley reported a market-to-market investment loss of $289m, or 3.6% for the year to date as a result of rising interest rates.
"Risk assets have also seen weakness, as global equity markets fell by more than 25%. At 30 September, our fixed income portfolio had a duration of 1.9 years and a market yield of 4.6%, which is indicative of the much higher returns we hope to achieve in future periods, once yields stabilise," the company said.
Written increased premiums came in at $3.9bn compared with $3.27m a year ago. Premium rates on renewal business increased by 17%.
Reporting by Frank Prenesti for Sharecast.com
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