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Member, Beacon International Group, Ltd.
LONDONBeazley Group P.L.C. has announced its 20th anniversary results for the year ending December 31, 2006.
Profit before tax was up from £16.1million ($31.1 million) in 2005 to £86.8 million ($167.8 million) and return on equity was up by 20%. Gross written premiums were up by more than a third from £558.0 million ($1 billion) to £745.1 million ($1.4 billion), and there was an overall increase of 6% on rates renewal business.
Beazley also reported the growth of its U.S. business, which was launched in 2005 and operates through its own managing general agent, which writes insurance business, both through Lloyd's and through its own admitted U.S. insurance company. During 2006, Beazley wrote $68.9 million through the MGAcompared with $15.4 million in 2005of which $35.9 million was written through the admitted insurance company and $33.0 million on behalf of Lloyd's syndicates.
The company attributed its growth to, "strong underwriting conditions following last year's hurricane losses, combined with strong returns from our investment balances."