Written Premiums Rise for Beazley in 2023, Expects No Impact from Middle East Conflict
Beazley, the specialty insurer, has expressed confidence that the ongoing Israel-Hamas conflict will not affect its full-year results for 2023. The company stated that it is closely monitoring the situation but anticipates no impact on its financial performance.
Beazley also reported better-than-expected claims experience in the year thus far. The insurer highlighted that natural catastrophes have remained within the margins of its reserves.
In terms of financials, Beazley’s insurance written premiums increased by 9% to $4.325 billion for the nine months ended September 30 compared to $3.98 billion during the same period last year. Its property-risk division saw significant growth of 63% as the company capitalized on opportunities in the property market.
Net insurance written premiums rose to $3.53 billion from $2.80 billion, according to Beazley.
Despite exercising underwriting discipline and experiencing slower growth compared to initial projections, Chief Executive Adrian Cox expressed confidence in delivering strong profits for the year.
Beazley maintained its full-year guidance, expecting a combined ratio on an undiscounted basis to remain in the low 80s and anticipating net growth in the mid 20s. On a gross basis, the company projects growth in line with its year-to-date performance, as opposed to previous mid-teens guidance.