Specialist business insurer Beazley saw its share price rise almost 5% this morning after posting better-than-expected third-quarter numbers.
The company’s share price was up 4.37% in mid-morning trading to 413.3p ($5.56).
In its latest trading statement for the three months to end of September, Beazley revealed that gross premiums written increased by 29% to $3.27bn (Q3 2020: $2.53bn).
Premium rates on renewal business increased by 23%, ahead of the company’s expectations.
Beazley outlined that underwriting action taken since October 2020 continued to have a positive impact on cyber ransomware trends. The company added that capital surplus remained within its preferred range.
Commenting on the latest numbers, Adrian Cox, chief executive officer, said: “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.”
He added: “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.”
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