London-based insurer Beazley reported income before taxes grew 60 percent in 2007 primarily on the strength of strong underwriting.

For 2007, Beazley reported profit before tax grew by ?52 million ($103 million U.S. at the current exchange rate) rising to ?139 million ($276 million).

Gross written premiums rose by 5 percent, or ?35 million ($70 million) to ?781 million ($1.55 billion).

In the United States, gross premium written, rose 154 percent, or $106 million, to $175 million.

Beazley Group Chief Executive Andrew Beazley said in a statement, "The company delivered excellent results across the board in 2007."

He added, "Our Lloyd's underwriters demonstrated strong risk analysis and selection skills and delivered very good returns as rates in most of our lines of business began to fall from historic highs. Our claims staff continued to win praise for their service from clients and brokers, as well as industry awards."

"In the United States, our operations grew rapidly--more than doubling the premiums written locally in that market," said Mr. Beazley.

The firm's U.S.-based underwriters, he said, are "able to access smaller scale and less volatile business than is available to our underwriters at Lloyd's. This diversification of our business should stand us in good stead as the property-casualty market as a whole continues to soften."

Beazley manages two Lloyd's syndicates and is a specialist insurer in admitted markets in the United States.

Special Reports /

Beazley Reports Income Increased 60%

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