The specialist insurer’s cyber line also saw GWP growth of 66%

Specialist insurer Beazley’s gross written premiums (GWP) for the first nine months of 2022 reached $4bn (£3.4bn), according to its Q3 financial results. 

Hacking

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Posted last week (11 November 2022), this figure represented an increase of 22% from the equivalent period last year, when the firm’s GWP reached $3.3bn (£2.8bn).

Assuming claims experience remains as expected for the remainder of 2022, Beazley said that it remained confident its full year combined operating ratio (COR) would sit around the high 80s.

In its H1 2022 results, Beazley posted a COR of 87%.

Across all lines in the first three quarters of 2022, Beazley saw rates change by 17%

Beazley’s cyber line contributed significantly to its GWP growth and hit $838m (£729m) GWP for the first nine months of 2022 – rising 66% from last year’s figure of $505m (£439m).

The firm’s financial results statement explain that cyber rates increased by 51% in 2022 to date, although this trend moderated in Q3.

It added: “We have been taking advantage of new business opportunities and have put more exposure on the book this year, as planned, resulting in premium growth of 66%.

“We expect continued growth into 2023 and beyond.”

Strong performance

The insurer’s GWP figures for its property line also rose by 9% to $700m (£609m) – it explained that it expected growth to accelerate in this line because of “the change in market sentiment in Q3”.

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It explained: “We are now beginning to see positive movement on rates and as material hardening occurs with outsized returns available, we would expect to deploy more capital across our primary property and reinsurance books.”

Adrian Cox, Beazley’s chief executive, said: “We have had a strong underwriting performance over the quarter will all divisions continuing to grow.

“As expected overall rates have moderated, however we are seeing increased demand across many lines of business which supports our growth ambitions.”

  • Insurance Times has converted dollar amounts into pounds using an exchange rate of £1 = $1.15, which was correct as of 1 November 2022.

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