Earnings Report: Beazley Group

Selected earnings highlights from Dublin-based Beazley Group for the first six months of 2012 are as follows:
                                                                     1st Half 2012          1st Half 2011          
Gross premiums written ————    $1.0131 bn           $924.8 mn
Net premiums written  —————   $650.8 mn           $635.5 mn
Net premiums earned  ———–         $703.3 mn            $670.5 mn  
Net income (loss) ——————-      $112.9 mn             ($24. 2 mn)             
Operating net income (loss)  ——— $110.4 mn             ($16.3 mn)
Net return on investment ————- $36.1 mn                $22.5 mn
Q1 combined ratio – 91 percent (108 percent in 1st half 2011)

CEO Andrew Horton commented: “”Beazley performed strongly in the first half, delivering a return on equity of 18 percent and a combined ratio of 91 percent. Rates rose by an average of 3 percent, with increases of 5 percent in catastrophe exposed lines and 3 percent on our large professional and management liability book.

“We launched a series of new products to meet underserved client needs, including new data breach insurance solutions, and these are proving popular with brokers and clients. Looking ahead, we expect to grow profitably during the remainder of the year, with further modest premium rate rises across the portfolio.”

Source: Beazley Group