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11th May 2022
Beazley "year starts well"-CEO Cox
-Gross premiums written increased by 27% to $1,229m(Q1 2021: $971m)
-Premium rates on renewal business increased by 17% (Q1 2021: 16%)
-Claims experience in the year so far better than expected
-Investment loss of $92m as at 31 March 2022 (Q1 2021: gain of $27m)
-Initial estimate of exposure to the Russia-Ukraine conflict, excluding Aviation, of approximately $50m net of reinsurance
-Combined ratio guidance remains around 90 for 2022 full year.
Adrian Cox, ceo, comments "The year has started well with gross premiums written increasing by 27% and growth slightly ahead of our expectations across all divisions. This is primarily driven by Cyber where rates have doubled in the first three months of 2022. Whilst the overall rating environment remains positive, the rate change across parts of our business is beginning to moderate.
The impacts of the war in Ukraine go far beyond those which are financial, and our thoughts are with everyone who is impacted by this terrible conflict. We continue to monitor the situation closely and have assessed our potential exposures across our business. To date we have seen a small number of claims with respect to the conflict and we remain confident in our combined ratio guidance of around 90 for the full year."
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