Insurance Group Beazely has revealed it has returned to profit during the first half of the year, recording profit before tax of $167.3m (£121.8m).
The performance comes after it reported a $13.8m (£10m) loss during the same period the previous year. Beazley said it achieved “strong” GWP growth of 22% with premiums increasing to $2.03bn (£1.47bn).
Following “significant restructuring” over the past two years, it also revealed that its Marine book made a “strong start to the year” benefiting from solid rate increases averaging 10%.
Gross premiums written increased year on year by 10% to $194.1m (£141m) up from $176.3m (£128.3m).
Within its Political, Accident and Contingency division, it achieved overall gross premium growth of 3% with premiums increasing to $154.8m (£112.6m)
In addition, its Cyber and Executive Risk gross premiums reached $548.8m (£399m) up from $419.6m (£305m), an increase of 31%, shaped “by ongoing rate increases of 44% across the portfolio”.
Adrian Cox, CEO, said: “Beazley’s gross premiums written increased by 22% to $2,035.3m with all divisions achieving rate rises in the first six months of 2021. Reserve releases across all divisions supported a half year combined ratio of 94% and the investment return achieved was also strong at 1.2% year to date.
“I am excited about the growth opportunities ahead. Our capital base remains strong and we are well placed to support an ambitious growth plan at similar levels to 2021. The board remains committed to a dividend payment and will consider this at year end after taking into account the 2021 results as a whole.”