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Beazley reports $132.9M profit in 2014 first half

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Beazley P.L.C. reported pretax profit of $132.9 million for the first six months of 2014, up 61.5% posted for the comparable period last year, the Dublin-based insurer and reinsurer said Tuesday.

The profit was boosted largely by investment income of $46.8 million for the six months to June 30, 2014, up from $300,000 for the same period last year, Andrew Horton, CEO of Beazley, said.

Beazley posted a combined ratio of 90% for the first six months of the year compared with 89% for the first half of 2013.

Gross written premiums for the first half of the year were $1.08 billion, Beazley said, up 0.9% recorded in the same period in 2013.

The company released $72.9 million of prior-year reserves during the first half of 2014 compared with $60.8 million in the first six months of 2013.

Overall, Beazley said that rates for renewal business fell by 1% during the first half of the year, compared with an average 1% increase in the first six months of 2013.

Reinsurance rates fell by 10% during the first half of the year, Beazley noted.

Mr. Horton said the company expected downward pressure on rates to continue, particularly in short-tail lines such as property catastrophe business.

He said Beazley saw opportunities to grow in smaller lines of business and believes specialty lines business, particularly in the United States, would continue to see attractive rates for underwriters.

During the first half of 2014, rates for specialty business rose by 1% on average, according to Beazley.

Beazley’s results for the first half of 2014 were strong, said analyst Tom Carstairs with Berenberg Bank in London in a briefing note Tuesday, “aided by a strong investment result and ongoing underwriting performance.”

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