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Beazley has reported a 16% increase in premiums for the first quarter of the year on the back of higher-than-expected rate increases. Gross premiums written in the quarter were $971m, up from $840m a year earlier, the London-listed re/insurer said in a trading statement. Premium rates on renewal business increased 16%, which was “well ahead” of expectations, Beazley said. Catastrophe losses in the first quarter were close to $70m net of reinsurance, largely driven by US storms. Beazley’s Covid-19 loss estimate at $340m net of reinsurance remained unchanged while the Ever Given marine loss was said to have had a negligible impact, it said. Beazley also said early indications suggested underwriting actions taken since September 2020 were having a “positive impact” on cyber ransomware trends.
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