Beazley's Lloyd's presence contracts modestly in 2024 after E&S carrier launch

By Henry Gale, Ryan Hewlett

March 21 - (The Insurer) - Gross written premiums across Beazley's seven syndicates have slightly decreased overall after the insurer shifted business out of Lloyd's.

Beazley's premiums at Lloyd's totalled $5.91 billion in 2024, down 1.43% from 2023. It remains Lloyd's largest insurer.

The Insurer first reported Beazley's plans to move business out of its syndicates 623 and 2623 into a U.S.-domiciled excess and surplus insurer in July 2023.

Those two syndicates saw their combined gross written premiums drop from $5.47 billion in 2023 to $3.98 billion in 2024.

This was mostly offset by a $1.3 billion increase in the premiums underwritten by syndicate 3623, which began to write North American surplus lines business across property cyber and specialty after not underwriting new risks in 2023.

Beazley's annual results showed its insurance revenue from Lloyd's dropping by 2.79% to $4.41 billion, while its European and U.S. insurance companies contributed to an overall revenue increase.

Beazley's Lloyd's syndicates now contribute 78% of the group's revenue, down 5 percentage points from 2023.