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Beazley quarterly premium revenue up 13%; expects Covid-19 claims of $170m

By BFN News | 01:11 PM | Wednesday 22 April, 2020

Specialist insurance group Beazley said its premiums revenue had risen 13% in the first quarter amid a rise in premium rates. Gross written premiums for the three months through March increased to $840m, up from $743m on-year. Premium rates on renewal business climbed 8%. The company said it had recorded an investment loss of just 1% in the year to date. It provided an early estimate of total losses resulting from Covid-19 to be $170m net of reinsurance. 'It is too early to say what the quantum of claims within our liability classes will be as these will emerge as the impact of the pandemic is fully realised over the next one to two years,' Beazley said. Underwriting actions, including changes to its appetite approach should reduce that impact, it added. At 1:11pm: (LON:BEZ) Beazley PLC share price was -5.5p at 360.9p Story provided by

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