Specialist insurer Beazley has achieved double-digit premium growth, with gross written premiums (GWP) up by 30% to $4,618.9 million for the fourth year in a row, surpassing 2020, when the company reported $3,563.8m in GWP.
The insurer also reported an improved combined ratio of 93% compared to 109%, which was reported for the same prior year period. According to the company, this was aided by the subsiding of the pandemic related claims spike of the previous year.
Beazley returned a profit in 2021 of $369.2m, compared to a loss of $50.4m in 2020, which was reportedly achieved through a combination of targeted underwriting expansion in areas where rates and growth opportunities were attractive and a steady investment performance.
Adrian Cox, Chief Executive Officer, commented: “I’m delighted with Beazley’s performance in 2021 where we have delivered GWP growth of 30% and a combined ratio of 93%, which has resulted in a robust profit of $369.2m.
“We saw good growth across all our lines of business but were particularly encouraged by the opportunity in the cyber market where we continue to see significant rate improvement.
“We maintain our disciplined approach to cyber and remain excited about the opportunities for Beazley in this market and continue to invest in our cyber infrastructure.
“We are confident in delivering continued double-digit growth in 2022 and our strong capital levels support both our growth prospects and the reinstatement of our dividend where we have proposed 12.9p per share with respect to the whole of 2021.
“I approach the end of my first year as CEO of Beazley with confidence about the future.”