Beazley saw gross written premiums continue to grow in the third quarter, up 29% on the same period last year to $3.3bn, the re/insurer said in a trading update on Friday. Premium rates on renewal business were also ahead of expectations at 23%, according to the company. Last year, the figure for the third quarter was 14%.
Rates within its Cyber & Executive risk division are up 48%, driven predominantly by the former. GWP for the lines was up 44% on Q3 2020, at $991m.
“I am delighted that the momentum from the first half has persisted into the second with rate rises and premium growth that have exceeded our expectations. We continue to be strongly capitalised and are well placed to take advantage of these favourable market conditions,” said Adrian Cox, Beazley chief executive officer.
“I remain excited about the opportunity in the cyber market, and with our disciplined and prudent risk selection, our market-leading product offering and the ongoing investment in our cyber infrastructure, I believe we are in a great position to capitalise on this.”
The company also posted its initial estimate of catastrophe losses for the quarter - at $125m net of reinsurance. The total includes an “early estimate” of losses from Hurricane Ida of $85m and $40m for the European floods.
Lancashire Holding also reported strong growth in its trading statement the day before, with GWP up 46.9% year-on-year in the first nine months – primarily due to an increase in its property and casualty reinsurance segment.
While the group had exposure to the recent natural catastrophe events and political unrest in South Africa, its loss estimates for these were within its expectations: $165m to $185m for the former and approximately $40m for the latter.
“Despite another challenging year of losses for Lancashire and the industry, I am very pleased with the group’s growth in premium in an improved and still improving rating environment in many of our core business lines,” said Alex Maloney, group chief executive officer.
“We have reported an increase in gross premiums written of 46.9% to $967.7 million for the year to date, delivering on our strategy to deploy more of our capital when pricing conditions are favourable.”
Lancashire, Beazley, GWP, Cyber, Catastrophe, Insurance, Reinsurance, Adrian Cox, Alex Maloney, London, UK