Insights
Beazley’s 1Q25 trading statement
Posted 29/04/2025 – Insights
Beazley plc has released its trading statement for 1Q25 ending 31st March 2025
Group headline figures
- Insurance written premiums increased by 2% to $1,511m (Q1 2024: $1,483m)
- Net insurance written premiums increased by 1% $1,249m (Q1 2024: $1,239m)
- Premium rates on renewal business decreased by 4% (Q1 2024: 1% increase)
- Investment income of $136m or 1.2% year-to-date (Q1 2024: $126m or 1.2%)
- Gross IWP growth guidance for the year remains at mid-single digits
- Combined ratio guidance for the year remains at mid-80s on an undiscounted basis
Adrian Cox, Chief Executive Officer, said:
“I am proud of the performance during the quarter. As expected, markets softened in the first three months of the year and we maintained our focus on strong underwriting discipline whilst navigating those conditions.
Our guidance for the year of mid-single digits growth and an undiscounted combined ratio of mid-80s is unchanged. The strength of our diversified product set and platform strategy means we are well positioned to take advantage of any opportunities which may arise, as pricing dynamics evolve in this active claims environment.”
Divisional headline figures
| Insurance written premiums 1Q25 ($m) | Insurance written premiums 1Q24 ($m) | Percentage premium change | Rate change 1Q25 | |
| Cyber Risks | 247 | 253 | -2% | -8% |
| Digital | 63 | 63 | 0% | -4% |
| MAP Risks | 258 | 261 | -1% | -2% |
| Property Risks | 482 | 451 | 7% | -6% |
| Specialty Risks | 461 | 455 | 1% | 0% |
| Overall | 1,511 | 1,483 | 2% | -4% |
Claims
- Beazley has maintained its LA Wildfire exposure estimate of $80m
- Beazley has no direct claims exposure to trade tariffs within its political risk, trade credit or specialty book
Alpha comment
This is a solid start to the year for Beazley, despite the softening of rates across the market, a little greater than forecast within the syndicates’ business plans. Rate adequacy and underwriting discipline continue to be a priority, underpinning the quality of the portfolio. Beazley has maintained its full year combined ratio guidance in the mid-80s, including the $80m reserve for losses from the recent LA Wildfires, which would be another positive result, if achieved.
