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Beazley Announces 2022 9M Results

Beazley became the latest insurer to issue statements for the nine months ended September 30, 2022. Among the key highlights revealed, the specialty insurer noted that Gross Premiums Written (GWP) for the period surged 22% to his $3.98 billion. did. Last year he was up from $3.271 billion.

Meanwhile, premium rates for renewal business increased by 17% from 23% last year, while maintaining the high combined ratio guidance of the 80s in 2022.

The table below provides a breakdown of Beazley’s premium performance by key business areas as of September 30, 2022.










GWP 9M 2022

GWP 9M 2021

% gain

% change (year-to-date)

$m

$m

%

%

cyber risk

838

505

66%

51%

Digital

160

139

15%

16%

Risk of MAP

830

659

26%

Five%

asset risk

700

642

9%

Ten%

special risk

1,452

1,326

Ten%

3%

whole

3,980

3,271

twenty two%

17%

But the insurer also posted a mark-to-market investment loss of $289 million (or 3.6% year-to-date), compared with income of $99 million (or 1.4%) last year. CEO Adrian Cox has commented on this, acknowledging that bond portfolio yields are rising. But higher yields also mean Beasley expects big returns on his investments down the road, he said.

Beazley has issued a claims update that so far this year total natural catastrophes have been within the margin held in reserves for such events, with Hurricane Ian’s original estimate of net reinsurance. said it was about $120 million in value. In the cyber environment, the trend of improving ransomware claim frequency has continued since October 2020, with the latest data showing a 35% decrease in frequency per policy, and changes in premium rates also allowed. A 70% reduction is shown if

Beazley added that it continues to monitor inflation to ensure proper pricing and is cautious in areas where its product sets are most exposed. The impact of inflation on the claims environment was as expected.

Commenting on the results, Cox said: Expected overall rates moderated, but increased demand across many business areas, supporting our growth ambitions… Claims experience for the rest of the year as expected Assuming , we are confident in our guidance of a high combined ratio in the ’80s. ”

Beazley Announces 2022 9M Results

Source link Beazley Announces 2022 9M Results

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