In major news on UK stocks, Beazley PLC (GB:BEZ) rose 1.72% as of writing, after the company released an upbeat Q1 trading update. The company announced a 7% increase in insurance written premiums for the first quarter as compared to the previous year, reaching $1.48 billion. Despite a more subdued rate environment, the company has maintained its underwriting discipline and remains confident in its outlook. For the full year, it anticipates gross growth guidance of high single digits.
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Beazley is a specialized insurance company that has been providing underwriting and claims services to its clients globally.
Beazley’s Q1 Performance
In Q1, Beazley’s net insurance written premiums saw a notable increase of 11% to $1.24 billion compared to the previous year. Moreover, investment income in the quarter was $126 million, or 1.2% year-to-date. The company attributed the positive performance of its equity, credit, and hedge fund investments in Q1 to the robust U.S. economic data, which bolstered confidence in the financial markets.
Beazley’s investment portfolio demonstrated a diversified allocation, with cash and cash equivalents rising to $1.02 billion, or 9.4% of the total portfolio. The majority of the portfolio consisted of fixed and floating-rate debt securities, including government-issued securities totalling $4.3 billion, equivalent to almost 40% of the total portfolio allocation. At $3.7 billion, investment-grade corporate bonds constituted around 34% of the total portfolio.
Is Beazley Stock a Good Buy?
As per the consensus of analysts on TipRanks, BEZ stock holds a Strong Buy rating, supported by nine Buys and one Hold recommendation. The Beazley share price forecast is 828.67p, which is 28% higher than the current trading level.
