(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."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.