BEAZLEY RETURNS TO PROFIT WITH 22% GROWTH IN H1

Beazley has returned to profit and reported 22% top line growth in the first half of 2021. The Lloyd’s insurer posted pre-tax profit of $167.3m in the first half of 2021 compared with a loss of $13.8m in the first half of 2020. The first-half combined ratio improved 13 points to 94% in 2021, supported by higher reserve releases. Beazley’s gross premiums written increased by 22% to $2.04bn in the first half of 2021 with rate increases on renewal of 20%, compared with average increases of 11% for the first half of 2020. All divisions achieved rate rises in the first six months of 2021, according to Adrian Cox, Beazley’s chief executive officer. “I am excited about the growth opportunities ahead. Our capital base remains strong and we are well placed to support an ambitious growth plan at similar levels to 2021,” he added.