Beazley PLC (LSE:BEZ) reported a rise in insurance written premiums in the first quarter, as growth in property offset a fall in cyber.
The FTSE 100-listed Llloyds insurer revealed a 7% rise in insurance written premiums, with net written premiums up 11%.
Property was up 26%, which continued to benefit from positive rates, up 7% in the year to date, and higher demand in the E&S (excess and surplus) market.
This was partially offset by Cyber falling 10%, where rates were down 5%.
"In Cyber Risks, the reduction in insurance written premium shown in the first quarter is predominantly driven by different premium recognition patterns as a result of us using more distribution partnerships," the company said.
"We remain confident in the short and long-term growth opportunities in this class and that underlying rates which, despite the continued softening, remain adequate. We are expecting moderate growth in 2024."
Analysts at Jefferies noted that more of the Cyber growth in 2024 is "binder business", where underwriting authority is delegated by syndicates to brokers or other intermediaries, and written premiums are recognised over time.
Beazley reiterated its guidance of "high single-digit" gross insurance written premiums growth, as well as a "low 80s" undiscounted combined ratio for 2024.
Jefferis added: "Beazley's claims experience for the first quarter is as expected, including the impact of any claims arising from the Baltimore bridge loss."