Beazley issues trading statement for first half

Beazley issues trading statement for first half | Insurance Business Australia

Insurance News

Beazley issues trading statement for first half

GWP outlined per business division

Insurance News

By
Terry Gangcuangco

Specialist insurer Beazley Plc has outlined its performance for the first half of 2023.

Gross written premium (GWP) – up 13% to US$2.89 billion
Net written premium – up 28% to US$2.29 billion
Investments and cash – up 21% to US$9.64 billion

Broken down by business division, below are the GWP numbers.

Business division

GWP for first half 2023

GWP for first half 2022

Cyber

US$539.7 million

US$472.7 million

Digital

US$110.4 million

US$111.1 million

MAP*

US$517.4 million

US$547.2 million

Property

US$791.6 million

US$478 million

Specialty

US$935 million

US$945.9 million

*Beazley’s political, accident & contingency, market facilities, marine, and aviation businesses

Compared to the previous year, GWP from cyber risks grew 14%; digital saw a 1% slide; MAP risks, down by 5%; property risks, up 66%; and specialty risks posted a slight decline of 1%.

“The excellent conditions in the property market persisted into the second quarter, and we continued to take advantage of those, delivering a strong performance on growth for the group in the first half of 2023,” said Beazley chief executive Adrian Cox.

“With premium written in line with our expectations, we are confident of delivering our growth guidance for the year.”

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