Beazley announces record profits

Beazley Group has released its results for the first six months of 2007, reporting record profits of £60.2m. The figure is more than double that achieved in the same period in 2006 (£28.3m).

Gross written premiums for the period rose 10% to £434.1m from £394.3m for the same period in 2006, while net premiums written reached £325.6m, up from £255.2m.

Commenting on the results, Andrew Beazley, chief executive of Beazley, said: "Our businesses performed well in the first half of 2007. Our Lloyd's underwriters continue to develop attractive business in a market where rates, although under pressure, remain at historically high levels. Our performance in the first half of the year provides a solid basis for continued selective but profitable underwriting during the second half.”

“Our performance in the first half of the year provides a solid basis for continued selective but profitable underwriting during the second half

Andrew Beazley, chief executive of Beazley

"Our US operations, now just over two years old, are making an increasing contribution to our diversified and specialist business range, supporting our long term cycle management strategy. Beazley was the first Lloyd's business to establish a presence in the US admitted market. Earlier this year we began underwriting commercial property insurance on an admitted basis, complementing the management and professional liability lines that are now beginning to show strong traction."

The group reported an increase of approximately £65m in net earned premiums to £290.4m, citing a number of contributory factors, including, a rise in its share of the combined syndicate premiums written of 9%, up from 70% in 2005 to 81% in 2007. Secondly, reinsurance costs fell from £139.1m to £108.5m in 2007. The group also highlighted the performance of its US operation, which generated written premiums of $77.9m in the first six months of 2007(2006: $27.4m).