Beazley eyes US expansion as profits climb

LLOYD’S of London insurer Beazley is eyeing up further expansion overseas as the market for catastrophe exposed risks, a core part of its London business, deteriorates.

The company wants to beef up its workforce in other markets, Andrew Horton, its chief executive, said yesterday, with America being a key focus after underwritten US premiums grew 9pc in the first half of the year.

The company hired 38 staff in the US during the period as it looked to expand its Us-focused speciality insurance arm, which provides protection for hospitals and financial institutions, to offset slowing business in the UK.

“As long as current market conditions prevail we expect growth opportunities for our London underwriters, who often specialise in catastrophe exposed risks, to be limited,” Mr Horton warned yesterday. The US arm helped drive overall profits at the group for the six months to June 30 up 6pc to $158.7m (£122.4m).

Mr Horton said the company – which since January has hired staff in Miami, Singapore and Europe, acquired a business in Canada, opened an office in Barcelona and set up a subsidiary in Dublin – has benefited from a spurt of takeover activity in the sector. “At times of market dislocation, such as we have recently seen, this makes us a magnet for talent,” he said. The insurer hired 29 underwriters in the first half of the year, 15 of which came from the US.

Beazley shares edged down 3p to 511p yesterday.