- Insurance company Beazley reported a 'positive' start to the year with good rate momentum that was well ahead of its expectations as premiums grew 16% in the first quarter of the year.

For the three months ended 31 March, gross premiums written increased by 16% to $971 million year-on-year.

The growth in premiums was driven by a combination of rate increases and adding exposure in a number of areas, the company said.

COVID-19 first party loss estimate remained unchanged at $340 million net of reinsurance, with Q1 catastrophe losses estimated to be approximately $70m net of reinsurance.

Looking ahead, the company said it expects 'favourable market conditions to continue and are well positioned to take advantage of them given our capital surplus remains within our preferred range.'

At 8:51am: [LON:BEZ] Beazley PLC share price was 0p at 374.4p

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