Insurer Beazley has reported high-than-expected gross written premiums of $3.3bn (£2.4bn), driven by their cyber & executive risk and specialty lines divisions.
Gross written premiums rose by 29 per cent for the nine months ended 30 September compared to last year, the insurance company announced in a trading statement today.
Underwriting action since last October, the insurer said, continues to have a positive impact on cyber ransomware trends.
Although the insurer achieved growth in all of its divisions, rates in the cyber and executive risk division were up almost 44 per cent year-on-year to £991m for the nine months ended 30 September.
“I am delighted that the momentum from the first half has persisted into the second with rate rises and premium growth that have exceeded our expectations.
“We continue to be strongly capitalised and are well placed to take advantage of these favourable market conditions,” said chief executive officer Adrian Cox of the higher-than-expected results.
“I remain excited about the opportunity in the cyber market,” he added.