Beazley Group is set to confirm that underwriting conditions so far this year have been “satisfactory” at its AGM later today.
Commenting on rate increases on renewal business, Beazley will announce a 3% rise across the portfolio, a rise mainly driven by rate increases on catastrophe exposed business. The Group expects that by year end there will be no overall rate increase on renewal business
Beazley has written £205m of gross premiums for the period ended 31 March 2007, up 11% over the equivalent period in 2006 (despite the £/$ exchange rate moving from 1.73 to 1.96). The premiums written from the US amounted to $29m, comprising $18m written by its domestic insurance company, Beazley Insurance Company Inc. (BICI) and $11m for the combined syndicates.
On 13 April 2007 the Group injected a further $45m into BICI to support the growth in the business including the start up of the commercial property business.
