Beazley premiums grow amid difficult claims environment
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.
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