Beazley plc, the first Lloyd’s of London insurer to report earnings, had a 16 percent increase in first-half profit, helped by growth in its U.S. business.
Pretax profit rose to $154.5 million from $132.9 million a year earlier, the Dublin-based insurer said Friday. Gross written premiums advanced 2 percent to $1.1 billion, while net investment income fell to $43.5 million from $46.8 million.
“This was an excellent first half for Beazley with premiums and profits both rising,” said Chief Executive Officer Andrew Horton in a statement. “Premiums generated by our U.S. underwriters rose by 25 percent, counterbalancing the highly competitive conditions elsewhere.”
Beazley is targeting 5 percent growth for 2015 as the insurer looks to its U.S. unit to diversify its business and help offset falling prices for coverage at Lloyd’s of London.
The insurer’s combined ratio, a measure of profitability, improved to 86 percent from 90 percent a year earlier. Beazley will pay an interim dividend of 3.3 pence, up from 3.1 pence
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