Digital's segment result of $59.4m (2022: $31.1m), reflects our underwriting discipline together with the growing distribution of our increasingly broad product suite. IWP was $227.5m (2022: $231.7m) with a combined ratio of 68% (2022: 76%).
Working closely alongside our four divisions, Digital offers cross class specialist digital underwriting capabilities to the small business market. It gives brokers one Beazley point of contact, supported by a cross functional team, to access multiple product lines and digital services via their preferred platform or channel."
Digital, or our Small Business division, had a successful year as we increased the number of products we brought to market. We delivered a profit by maintaining our focus on underwriting discipline, resulting in the rate of growth being broadly level with the previous year. We are pleased with the reception our high quality service offering and claims handling received from brokers and the way that new products and digital access points are welcomed by the market.
Long-term focus
We are building our Small Business proposition for the long-term, focused on underwriting discipline and client service. This approach is valued by brokers, when making a claim or in needing help with securing cover for their clients. Brokers increasingly are seeking cyber cover that includes cyber breach response and our experience in this area is rapidly becoming a key differentiator for us.
Working closely alongside our four divisions, Digital offers cross class specialist digital underwriting capabilities to the small business market. It gives brokers one Beazley point of contact, supported by a cross functional team, to access multiple product lines and digital services via their preferred platform or channel."
