July 20, 2018 / 6:19 AM / 3 months ago

CORRECTED-Beazley's first-half profit hurt by rising U.S. interest rates

(Corrects to “fell” from “rose” in paragraph 2)

July 20 (Reuters) - Lloyd’s of London insurer Beazley Plc reported a 64 percent fall in its first-half pretax profit on Friday, as its investment returns were hurt by the impact of rising U.S. interest rates on its bond portfolio.

The underwriter, which provides marine, casualty and property insurance and reinsurance, said its pretax profit fell to $57.5 million, for the six months ended June, from $158.7 million a year earlier.

Gross premiums written, however, rose 15 percent to $1.32 billion, helped by Beazley’s property division, where rates have risen sharply after the heavy catastrophe losses suffered by insurers and reinsurers last year.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri

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