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Beazley improves despite claims spike

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Beazley’s gross written premium (GWP) increased 16% to $US731 million ($1.04 billion) in the three months to March 31.

Premium rates for renewal business were up 3% in the period.

The new specialty lines division and the cyber and executive risk division increased GWP by $US39 million ($55.67 million) and $US25 million ($35.69 million) respectively, compared with the corresponding period last year.

The insurer’s gains came despite above-normal claims levels in the marine, property and reinsurance businesses.

Meanwhile, Nicola Hodson and John Reizenstein have been appointed non-executive directors, and Richard Montminy will join Beazley this month to lead the property division.