Global specialist insurer Beazley has hailed a “solid” start to the year, despite a 2% drop in gross written premium (GWP).

It recorded first-quarter GWP of $US573 million ($777.85 million), compared with $US583 million ($791.42 million) in the corresponding period last year.

Specialty lines, Beazley’s largest division, achieved premium growth of 6% to $US277 million ($376.01 million).

“In February we announced the acquisition of Creechurch Underwriters in Canada, expanding our specialty lines presence in that country,” CEO Andrew Horton said.

“This forms part of our longer-term strategy to develop our non-US specialty lines business, in parallel with continuing growth in the US. Our first-quarter premium and investment income numbers represent a solid start to this year.”