Insurer and reinsurer Beazley has reported premium growth of 12% in the first half of the 2019. However, claims concentrated largely in its marine and reinsurance divisions caused the combined ratio to rise five percentage points to 100%.
Beazley said that premium rates had adjusted accordingly “and margins in many lines of business now look healthier than they have in some years”.
Beazley said that it expected to achieve double digit growth over the full year, while continuing to reserve prudently.
Investment return during H1 was 3.3%, with nearly all asset classes performing strongly. However, investment returns were expected to be lower in the second half of the year.
|Period ended||30 June 2019||30 June 2018||% movement|
|Gross premiums written ($m)||1,483.6||1,323.8||12%|
|Net premiums written ($m)||1,225.5||1,105.3||11%|
|Profit before tax ($m)||166.4||57.5||189%|