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Beazley reported higher-than-expected gross written premiums in the first nine months of the year, driven by cyber & executive risk and its specialty lines divisions.
For the nine months ended 30 September 2021, gross premiums written increased by 29% to $3,271 million.
Rates within the cyber & executive risk division were up 48%, driven predominantly by 'cyber where the rates continue to exceed expectations,' the company said.
Premium rates on renewal business increased by 23%, ahead of the company's expectations.
The Q3 catastrophe loss estimates were $125 million net of reinsurance, $85 million in respect of Hurricane Ida and $40 million for European floods.