StockMarketWire.com - Insurance company Beazley said premiums grew in the nine months through September amid what it described as a difficult claims environment.

Gross premiums written for the nine months ended 30 September rose 12% on-year to $2.19bn.

The initial estimate of the costs of typhoons Faxai and Hagibis and hurricane Dorian was about $80m net of reinsurance and reinstatements premiums.

The insurer also saw an increase in claims within its directors & officers, employment practice liability and healthcare liability books, and expected to deliver overall reserve releases from its specialty lines and cyber & executive risk divisions at a lower level than in previous years.

'As a result, we are expecting a full year combined ratio of between 100% and 102% assuming normalised claims levels for the remainder of the year,' Beazley said.

Story provided by StockMarketWire.com