Non-life insurance firm Beazley has come in ahead of expectations in its latest update, despite swelling investment losses.
Gross premiums written jumped nearly a third (27 per cent) in the three months to 31 March, to $1.2bn, up from $971m a year prior.
The London-listed insurance firm, however, did report spiralling losses from its investments, which grew from $27m in the same period last year, to $92m.
CEO Adrian Cox said its performance with gross written premiums was “slightly ahead of our expectations across all divisions,” adding that, it was mainly pushed by a surge in cyber insurance.
Russia’s invasion of Ukraine has prompted a spike in concern over cyber-attacks since the war began in late February.
“The impacts of the war in Ukraine go far beyond those which are financial, and our thoughts are with everyone who is impacted by this terrible conflict,” Cox said in a statement.
“To date we have seen a small number of claims with respect to the conflict and we remain confident in our combined ratio guidance of around 90% for the full year.”