RPT-Beazley posts 2% top line growth in Q1, keeps guidance despite trade tensions

By Ryan Hewlett

April 29 - (The Insurer) - Beazley posted top-line growth of 2% for the first quarter on Tuesday and maintained its full-year combined ratio guidance despite the impact of January’s Los Angeles wildfires and the market turmoil caused by U.S. trade tariffs.

Beazley’s top line, measured by insurance written premiums, rose to $1.51 billion in the first quarter, up from $1.48 billion in the same period last year.

The property risks division was a primary driver of growth with insurance written premiums up 7% year on year to $482 million. Beazley said property pricing remains “adequate” despite a 6% rate reduction in the first quarter.

Specialty risks written premiums rose 1% to $461 million while digital remained flat year on year at $63 million.

In contrast, written premiums in cyber risks and MAP risks decreased by 2% and 1%, respectively.

The insurer confirmed that it continues to expect a mid-80s full-year combined ratio on an undiscounted basis, with its estimated exposure to California wildfire losses unchanged at $80 million, as reported in its 2024 year-end results.

Beazley also noted that there is no direct claims exposure resulting from U.S. President Donald Trump’s trade tariffs in its political risk, trade credit or specialty book.

“Increases in tariffs are not insured perils under our policies and we do not cover business interruption losses following these events,” it said.