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Insurer Beazley's profit jumps on strong underwriting

Reuters - UK Focus

Feb 6 (Reuters) - Insurer and re-insurer Beazley reported a 25 percent jump in full-year profit as it wrote more premiums and catastrophe-loss claims remained muted.

Pretax profit jumped to $313.3 million in the year ended Dec. 31 from $251.2 million a year earlier.

Net (Dusseldorf: NETK.DU - news) premiums written rose 9 percent to $1.68 billion, while net insurance claims fell 8 percent to $719.1 million.

"The profit outperformance is mainly attributable to a stronger-than-expected underwriting result," Numis analyst Nick Johnson wrote in a note to clients.

Johnson said the stock remained his top pick in the sector and raised his rating to "buy" from "add".

Shares in Dublin-based Beazley (Other OTC: BEAZF - news) , which provides marine, casualty and property insurance, closed at 253.4 pence on Wednesday.