3rd Nov 2022 12:00
Lancashire Holdings Ltd - Bermuda-based insurer - Says gross premiums written rose 34% to USD1.30 billion in the first nine months of the year from USD967.7 million a year ago. The increase is mainly due to "new business in the casualty reinsurance and financial lines classes of business", Lancashire explains. Expects a net hit of between USD160 million and USD190 million from Hurricane Ian, which is within its expectations for such an event. The storm caused widespread damage in Florida in late September.
Chief Executive Officer Alex Maloney says: "We expect the broader positive conditions to continue into 2023 and our strategy is to take advantage of attractive market opportunities. We believe we could see significant increases in rates and improving terms and conditions due to recent events and the fact that capacity had already been tightened in the wider market."
Lancashire had in July said that pretax profit in the first half to June 30 rose to USD78.0 million from USD54.1 million a year ago, while gross premiums written surged to USD938.1 million from USD697.2 million.
Current stock price: 541.50 pence, up 2.8% around Thursday midday in London.
12-month change: up 8.8%
By Xindi Wei; [email protected]
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