Beazley PLC (LSE:BEZ) reported strong growth in gross premiums written of 22% to US$3,980mln in the nine months to 30 September 2022, up from US$3,271mln in the same quarter last year, with premium rates on renewal business up by 17%.
But the insurer put the initial hit from Hurricane Ian at US$120mln and said year-to-date investment returns were down 3.6% compared to last year’s rise of 1.4%.
Growth was reported across all divisions with a particularly strong advance in cyber risk gross premiums with an increase in the year to date of 51% and continued growth expected in 2023 and beyond.
Adrian Cox, chief executive officer, said: “We have had a strong underwriting performance over the quarter with all divisions continuing to grow.
“As expected overall rates have moderated, however we are seeing increased demand across many lines of business which supports our growth ambitions.
“Whilst mark to market losses have occurred due to rising yields in our fixed income portfolio, rising yields also mean we anticipate significant future investment returns.
“We remain confident of our guidance of high 80s combined ratio assuming claims experience is as expected for the remainder of the year,” Cox said.