Beazley plc has released its trading statement for the first quarter of 2025, reporting a 2% increase in insurance written premiums to US$1.51 billion, up from US$1.48 billion in the same period last year. The company’s net insurance written premiums rose by 1% to US$1.25 billion compared to US$1.24 billion in Q1 2024.
Financial Highlights
The insurer reported a 4% decline in renewal premium rates, reversing a 1% increase in the prior-year period. Investment income reached US$136 million, representing a 1.2% return, consistent with the return rate reported a year earlier. Beazley maintained its gross insurance written premium growth guidance at mid-single digits for the year and kept its combined ratio guidance unchanged in the mid-80s range on an undiscounted basis.
Segment Performance
In its cyber risks segment, Beazley noted continued market competition and focused capital deployment on areas offering the best risk-reward balance. Growth was strongest in Europe, while rate adequacy remained higher outside North America. The MAP Risks segment is expected to benefit from geopolitical uncertainty, though Q1 results were affected by premium estimate adjustments. The Property Risks portfolio continued to expand with adequate rate levels despite a 6% decline in renewal pricing.
Investment Portfolio
Beazley’s investment portfolio yielded 1.2% in Q1, generating US$136 million. The firm cited increased volatility in equity and corporate bond markets following US trade policy announcements. The average yield on fixed income investments stood at 4.4% as of March 31, with an average duration of 1.6 years. The portfolio is described as well-diversified and conservatively positioned to manage market fluctuations.
Outlook
Chief Executive Officer Adrian Cox stated that the business maintained its underwriting discipline despite softening market conditions. Beazley expects overall growth to remain within the mid-single digits range for the full year. The company reported approximately US$80 million exposure to California wildfire losses, consistent with year-end 2024 disclosures, and confirmed no direct claims exposure from trade tariffs in its political risk and specialty lines.
