Strong growth in the US underwriting business helped to lift interim profits at Lloyd's insurer Beazley (BEZ), and also offset the effects of competitive pressure at the group's Lloyd's underwriting business, where it generates two-thirds of its gross premiums. Overall, the group managed to improve its combined ratio of total costs to premium income from 90 per cent to a highly profitable 86 per cent.
Managed premiums in the US rose by 25 per cent to $297m (£191m), where the group benefited from more favourable conditions for smaller risk business. In the UK, rates continued to fall for catastrophe-exposed lines such as large commercial property, energy and reinsurance, and the group continued to reduce the size of its book, fuelled by new capacity from other operators.