Dublin-based specialist insurer Beazley says gross written premium (GWP) increased 6% to $US546 million ($684.8 million) in the March quarter.

Beazley’s largest division, specialty lines, reported GWP of $US226 million ($283.45 million), up 19% on the corresponding period last year.

The life, accident and health division achieved GWP growth of 29% to $US36 million ($45.15 million), driven by its US carrier Beazley Insurance Company. Divisions reporting drops in GWP were marine (down 10%), political risk and contingency (down 6%) and reinsurance (down 6%).

Premium rates on renewal business fell 1% across the portfolio, although specialty lines experienced average rate rises of 4%.

GWP for Beazley’s US-based underwriters grew 36% to $US147.9 million.

CEO Andrew Horton has acknowledged the impact of “very competitive trading conditions”.