The London-based insurer said gross premiums written increased by 16% to $971 million in the three months to the end of March compared to $840 million a year earlier.
Premium rates on renewal business also increased by 16%, ahead of the firm's expectations. This was driven by a combination of rate increases and adding exposure in a number of areas.
Beazley said its investments returned $427 million, or 0.4%, in the first quarter. The company noted that it expects investment returns to remain low in the near term.
"We have had a positive start to the year with good rate momentum that is well ahead of our expectations as well as continued strong targeted growth. We expect favorable market conditions to continue and are well positioned to take advantage of them given our capital surplus remains within our preferred range," said Chief Executive Adrian Cox.
Cox replaced Andrew Horton as CEO in April. Cox was previously chief underwriting officer and has been a member of the Beazley board since 2010.