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Beazley P.L.C. on Friday announced that premiums generated in the first half of 2015 by its U.S. underwriters rose 25% over the same period last year, driving the company’s interim results.
The insurer’s gross written premiums for 2015 were $1.10 billion, up 2% from last year’s June 30 results.
Beazley reported a 16% increase in pretax profit to $154.5 million for the period ending June 30, 2015, from $132.9 million a year earlier. Return on equity rose 3% from last year, to 20% in 2015, according to a release by the company.
“This was an excellent first half for Beazley with premiums and profits both rising,” Andrew Horton, CEO of the Dublin-based insurer and reinsurer, said in the statement.
The insurer reported investment income of $43.4 million, down 7% from a year earlier. Beazley’s combined ratio improved to 86% from last year’s 90%.
Beazley said rates on its renewal portfolio were down 2% in the first half of 2015 compared with 1% in the first half of 2014.
“In London, we are still witnessing downward pressure on rates for large risk and short tail classes of business, the effect of which has been masked by subdued claims activity,” Mr. Horton said.
Beazley P.L.C. manages syndicates at Lloyd’s of London as well as insurers.
Beazley P.L.C. on Thursday reported pretax profit of $261.9 million for 2014, down 16.4% from 2013 in part because of lower reserve releases.