Shares in insurer Beazley popped this morning after the FTSE 250 firm said that it had swung back into profit in the first half.
By midday, the firm’s stock was up 7.0 per cent at 386.60p, their highest levels in 10 months.
For the period, it posted profit of $167.3m, up from a $13m loss in the same half in 2020.
The number of premiums written by Beazley hit $2bn, a rise of 22 per cent on last year’s $1.67bn.
However, despite the return to profit, the firm neglected to reinstate an interim dividend, saying it would consider doing so at the end of the year instead.
Chief executive Adrian Cox said: “I am excited about the growth opportunities ahead. Our capital base remains strong and we are well placed to support an ambitious growth plan at similar levels to 2021.
“The board remains committed to a dividend payment and will consider this at year end after taking into account the 2021 results as a whole”.
Analysts at Numis said the profit growth was down to an increase in cyber insurance premiums. Cox said that Beazley would continue to invest in the division, describing it as the firm’s “most significant opportunity”.
The division currently makes up about 15 per cent of Beazley’s business and was a major contributor to a 20 per cent overall increase in its premium rates.