Beazley increased gross written premium (GWP) by 2% in the nine months to September 30 compared with the corresponding period last year.

GWP totalled $US1.67 billion ($2.21 billion), but rates were down 2%.

“We have maintained our momentum in the third quarter, driven principally by the strong performance of our specialty lines division, where premium grew by 10% compared to the equivalent period last year,” CEO Andrew Horton said.

“We continue to attract talented underwriters to Beazley in London, the US and continental Europe.”

The growth in specialty lines helped offset “more competitive market conditions” across other underwriting divisions. Marine GWP was down 15%, property down 7% and political risk and contingency down 3%.