Beazley, the London headquartered specialty insurance and reinsurance company, has made a significant commitment to the Bermuda marketplace with the deployment of $500 million of capital to establish a new platform on the island to drive growth and expansion into the alternative risk transfer market, including ILS opportunities.
Beazley announced its third quarter trading update this morning, highlighting an improvement in its combined ratio guidance for the full-year and a focus on underwriting discipline as premium rates declined 4% on renewal business.
Adrian Cox, Chief Executive Officer, commented, “Market conditions are evolving at pace across several of our lines and we’ve maintained the same disciplined approach we set out at the half year. The benefit of this discipline is clear in our upgraded combined ratio guidance, as we continue to prioritise profitability over volume. This does, however, mean that growth is running at the low end of our guidance and below the level we delivered in the first half.”
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