StockMarketWire.com - Beazley said premiums grew double-digits in the first quarter of the year, but a higher-than-normal levels of claims in its marine, property and reinsurance businesses continued kept a lid on growth.

For the three months to 31 March, gross premiums written for increased by 16% year on year to $731m.

The growth in premiums was led by its Specialty lines and cyber and executive risk division.

The new specialty lines division, which was borne from a split in speciality lines divisions to two new divisions - cyber and executive risks and specialty lines - grew premiums 24% during the quarter from a year earlier.

Its cyber and executive risk (CyEx) division saw premiums rise by 19% driven by the growth of cyber business written through our US insurance company. 

Looking ahead, the company said the 'strong start to the year in an improving rating environment should enable the business to reach double digit growth again in 2019.'

But the more active claims environment that was witnessed in 2018 had continued, the company said.

'(W)e have strengthened the reserves in some areas of our short tail business notably in relation to typhoon Jebi, the Woolsey fire and a portfolio of US trucking business within the marine account,' it added.

'These increases were likely to offset the reserve release from 'our specialty lines and CyEx businesses in the first half of 2019,' the company said.



At 8:14am: [LON:BEZ] Beazley PLC share price was -7p at 555.5p



Story provided by StockMarketWire.com