IRELAND-domiciled Lloyd’s and specialty lines insurer Beazley has reported a 9% year on year increase in premiums for the first quarter to $465m, with a 2% average increase in rates. It also said that there was no adverse development for its estimated losses as a result of last year’s floods in Thailand.
Although the average rate change was plus 2%, Beazley’s biggest increases in business, in Life, accident & health ($29m from $20m), Marine ($75m from $62m) and Political risk & contingency ($29m from $24m), saw rate changes of minus 1%, minus 2% and 0% respectively. A 2% rate change in Beazley’s largest sector, Specialty Lines, and a 6% rise in business there to $172m, pushed up the overall average rate increase.
Beazley has identified France as a priority growth market for 2012, and on April 12 more than 190 brokers came to a reception in Paris as part of the insurer’s relaunch of its French presence and products.
Beazley noted that the overall level of claims notification in the quarter had been lower than average, and that loss development had been expected. Based on the year to date Beazley expects the target combined ratio to be in line with its historical performance. On the investment side, Beazley anticipates a return of 1.25% in 2012.