Beazley posted an improved net profit of $US249 million ($345.8 million) last year, as gross written premium grew 3% to $US2.08 billion ($2.9 billion).

The Dublin-based reinsurer and insurer made a net profit of $US217.8 million ($302.6 million) in 2014.

Its combined operating ratio strengthened to 87% last year from 89%, while net investment income fell to $US57.6 million ($80 million) from $US83 million ($115.3 million).

Chairman Dennis Holt has hailed the results amid tough business conditions that are not expected to ease this year, barring huge catastrophes that would reverse the downward spiral in premium rates.

“There is today a strong consensus in our industry that it would take a catastrophe, or series of catastrophes, on a very large scale to materially turn the market for short-tail lines of business and set rates on a sustained upward course,” Mr Holt said.

“The high aggregation of coastal exposures in the US and other developed markets is one reason why such massive dislocations cannot be ruled out. Another, sadly, is the growing threat of man-made catastrophes occurring either by accident or malevolent design.”

Global catastrophe claims were benign last year with the exception of the Tianjin chemical warehouse blasts causing losses of more than $US3 billion ($4.2 billion).

Beazley “has seen no significant loss” from Tianjin.

The US remains its biggest market, accounting for 55% of overall business written locally and in London.

The board plans to move Beazley’s group management office from Ireland to the UK for “operational efficiency” and will table a proposal to shareholders at the annual general meeting next month.