Beazley shares boosted despite falling profits

Specialist insurance firm Beazley (LON:BEZ) saw its share price increase by 5.47% to 521p (as of 14:25 GMT) despite pre-tax profits for the year to 31st December dropping by more than half to $76.4 million. Gross written premiums were up by 12% and rates for renewed premiums were increasing again after declining during the previous year.

Chief executive Andrew Horton commented: “Beazley saw strong growth in 2018 with gross premiums written rising 12%. Our US business has been growing extremely well and we underwrote more than a billion dollars of premium locally for the first time in the US last year. Although market conditions were challenging, depressing our earnings, we entered 2019 with positive premium rate momentum and higher interest rates that should deliver stronger returns going forward“.