Beazley reports 12% rate increase in marine

(Re)insurer Beazley has reported a 12% year on year increase in rates in its marine division in its Q1 report.

GWP in marine for Q1 was flat at $100m, with overall GWP for the quarter increasing 16% to $971m, from $840m in Q1 last year.

Premium rates on renewal business increased by 16%, ahead of our expectations.

The Covid-19 first-party loss remained unchanged at $340m, net of reinsurance.

Beazley said that the Ever Given loss had resulted in a negligible impact on Beazley’s figures.

Beazley CEO Adrian Cox said that “we have had a positive start to the year with good rate momentum that is well ahead of our expectations as well as continued strong targeted growth. We expect favourable market conditions to continue and are well-positioned to take advantage of them given our capital surplus remains within our preferred range.”

Beazley manages six Lloyd’s syndicates and, in 2020, underwrote gross premiums worldwide of $3.56bn.