First-quarter premiums tick higher at Beazley

(Sharecast News) - Specialist insurer Beazley reiterated its full-year outlook on Tuesday, after it posted a modest uptick in written premiums. Updating on trading, the blue chip - which manages a number of Lloyd's syndicates - said insurance written premiums rose 2% in the three months to March end, to $1.51bn. Net premiums rose 1%, at $1.25bn.

The uplift was driven by a 7% jump in property risks, which helped offset a 2% decline in cyber risks and a flat digital performance.

Investments and cash sparked 9%, at $11.76bn.

But premium rates on renewal business decreased by 4%, compared to a 1% increase a year previously.

Adrian Cox, chief executive, acknowledged that "as expected, markets had softened" during the opening months of the year.

But he continued: "We maintained our focus on strong underwriting discipline while navigating those conditions.

"Our guidance for the year of mid-single digits growth and an undiscounted combined ratio of mid-80s is unchanged."

Shares in Beazley fell 5% as trading got underway on Tuesday, with the stock hitting 836p as at 0830 BST.

As well as the UK, Beazley has operations in Europe, North America, Latin America and Asia.