Beazley PLC (LSE:BEZ) said it remains confident of full-year guidance as it reported growth in premium income in the first three months of the year.
Adrian Cox, chief executive officer, said: "The first quarter saw us deliver good headline growth in line with our expectations, underpinned by growth in property, where we are taking advantage of the excellent and continuing market conditions."
The insurer reported gross premiums written increased by 12% to US$1,372mln from US$1,229mln a year prior, while net premiums written jumped 24% to US$1,069mln from US$859mln before.
But premium rates on renewal business climbed by 10%, down from a 17% increase a year ago.
Net income from investments of US$104mln compared to a loss of US$92mln in the first quarer of 2022, while the combined ratio guidance remains unchanged at high 80s for full-year 2023.
"We remain confident in our growth guidance of mid teens gross premium written and mid 20s net premium written for 2023 full year,” the company said in a statement.