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Premiums increased 5.8% for Dublin-based insurer and reinsurer Beazley P.L.C., driven largely by the company’s specialty line growth, the company said in an interim statement.
Beazley, which manages syndicates at Lloyd’s of London as well as insurers, reported gross written premiums Thursday of $546 million for the quarter ended March 31, up from $516 million in the same quarter last year.
Specialty lines, which are Beazley’s largest division, generated $226 million in gross written premiums for the recent quarter, up 19% from a year ago.
“We managed to offset the impact of the very competitive trading conditions in many of our lines with growth in specialty lines, particularly our cyber related business and life, accident and health where we have been investing,” Beazley CEO Andrew Horton said in a statement.
Mr. Horton also noted in the statement that gross written premiums for Beazley’s U.S. underwriters grew 36% year-over-year to $147.9 million in the first quarter of 2015. Farmington, Connecticut-based insurer Beazley Insurance Co. Inc. took the lead in growing overall premiums for Beazley’s life, accident and health division to $36 million for the first quarter of 2015, up 29% from last year.
The growth achieved in the U.S. life, accident and health business “helped offset the impact of the competitive trading environment which continues to be experienced across most lines of business,” according to the statement.
Tightening its underwriting to adjust for conditions in the reinsurance market, Munich Reinsurance Co. on Thursday reported profit of €790 million ($848.1 million) for the first quarter of 2015, a 15.6% decline from the same period a year ago.