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Rate rises drive Beazley earnings

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Global specialist insurer Beazley has reported a 10% rise in first-quarter gross written premium (GWP) to $US631 million ($838 million).

Its property line benefitted from improved business conditions, as GWP gained 29% to $US108 million ($143 million) and rates increased 8%.

Specialty lines, the largest division, grew GWP by 6% to $US295 million ($392 million).

The reinsurance business increased GWP by 7% to $US90 million ($120 million).