Beazley sees GWP increase by 29%; investment return recorded at $99m

Written by Adam Cadle

05/11/2021

Beazley’s gross written premiums increased by 29% to $3,271m for the nine months ended 30 September 2021, compared to $2,534m in Q3 2020.

The main drivers of the premium growth were cyber and executive risk and the insurer’s specialty lines divisions.

Beazley’s investments returned 0.2% in Q3 2021, and 1.4%, or $99m, in the first nine months of the year. This compared to $124m in Q3 2020. Returns from fixed income investments have been low, reflecting the low and rising yield environment, although Beazley’s inflation-linked bond exposures have made a positive contribution.

Capital growth investments have performed “much better”, the firm said, led by the strong equity market, while hedge fund and illiquid credit portfolios also delivered good returns. “Overall, the year to date return, though modest, is ahead of what might have been expected, given prevailing yield levels,” it added. At 30 September 2021, the yield of Beazley’s fixed income portfolio was 0.6% and the weighted average duration was 1.8 years.

Beazley remains within its preferred capital range of 15-25% above the ECR

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