(Bloomberg) — Beazley Plc is targeting 5% growth for 2015 as the insurer looks to its U.S. unit to help offset falling prices for coverage at its Lloyd's of London business.

Beazley, the first of its peers to report results, forecasts U.S. gross written premiums will rise by 15% to 20% this year, according to Chief Executive Officer Andrew Horton. The shares fell as the insurer reported 3% increase in total premiums for 2014 and profit declined.

"Our Lloyd's business will be quite a challenge to grow this year," the CEO said in a telephone interview on Thursday. "The outlook is more challenging in that margins will come down to rates, which will continue to edge lower in 2015."

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