Beazley

Gross premiums written increased by 30% to $4.6bn for 2021. The biggest growth was seen in cyber and risk and market facilities, which both increased by 48.6%.

Over the last 12 months, three of the four London-listed companies have drastically underperformed their US-listed and Continental European peers.

Sources have told Insurance Insider that the majority of Beazley’s planned income is driven by rate increase, with limited new business.

Spring Partners said the new underwriting capacity and product launch were part of its London market growth plans.

A total of 12 managing agents control £1bn or more of capacity, analysis shows.

Beazley tried to recover $6.5mn in claim costs from Prime on a policy which it led.

The significant increase in planned premium will be interpreted as a vote of confidence in the low-cost, follow-only model from Lloyd’s.

The CEO warned that data and analytics were beginning to “park their tanks on our underwriting lawn”.

Beazley’s capital position “remains strong and within the preferred range contemplating all the loss activity to date”, according to Beazley CEO Adrian Cox, speaking during a Q3 earnings call with investors.

The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.

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Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.