Thursday 13 May 2021 7:26 am

Beazley sees premiums rise but flags $70m loss from US storms

Insurance firm Beazley today said that its gross written premiums jumped nearly a fifth in what it labelled a “positive” start to 2021.

The firm said that gross premiums written increased by 16 per cent to $971m in the first quarter, up from $840m in the same period last year.

It added that its estimated loss from the Covid-19 pandemic remained at $340m, in line with previous expectations.

In addition, Beazley said that the winter storms that wracked Texas earlier this year would cost it in the region on $70m in catastrophe losses.

But the week-long stranding of the Ever Given cargo tanker in the Suez Canal had had a “negligible impact”, the firm added.

Chief Executive Adrian Cox said:  “We have had a positive start to the year with good rate momentum that is well ahead of our expectations as well as continued strong targeted growth.

“We expect favourable market conditions to continue and are well positioned to take advantage of them given our capital surplus remains within our preferred range.”

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