Business

Beazely reports 13% increase in gross premiums in Q1 figures

Insurance company Beazely has reported a 13% increase in Q1 gross premiums written to  $840m (£678m) compared with $743m (£600m) in 2019.

For the first quarter period ending 31 March The business reported a 13% increase in investments and cash to $5.7bn (£4.6bn) compared with $5.1bn (£4.1bn) in 2019. Bezley also announced a 1% loss in investment compared with the same period last year.

From 1 January 2020, Beazely’s market facilities business has been split out of specialty lines to form a new division. This new division saw premiums increase by $17m as it began to gain traction for writing this type of business.

Three of its divisions each saw strong growth of 23%. Its marine division and specialty lines division had good performances from both its US platform and global sites, while growth in Beazely’s cyber and executive risk division was driven by the executive risk team.

Andrew Horton, chief executive officer, said: “The events seen in the first quarter of 2020 have been unprecedented. Covid-19 has touched every corner of the globe and the impact of this pandemic is still being assessed. 

“In mid-March we successfully moved to remote working arrangements for all our employees and from an operational perspective there has been no material disruption to our business. We continue to monitor closely all developments relating to the coronavirus outbreak and our priorities remain the wellbeing of our colleagues and delivering excellent service to our clients.”

In a trading update Beazely also said on 17 March the company moved from an office based environment to a remote, working from home environment. 

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