5th Nov 2014 08:02
LONDON (Alliance News) - Lancashire Holdings Ltd Wednesday said it will pay a special dividend of USD1.20 a share for the current financial year due to its strong capital position, as it reported a rise in pretax profit in the third quarter.
"With no meaningful change in our outlook for the coming renewal season, we don't need as much capital as we are currently carrying. The announcement of our special dividend and dividend equivalent payments of approximately USD250 million brings our total capital return since inception to just under USD2.2 billion, or 99.5% of total comprehensive income since inception," Chief Financial Officer Elaine Whelan said in a statement.
The special dividend represents a return of 173.3% of comprehensive income for the year to date, according to Whelan.
The news came as the specialty insurer reported a rise in pretax profit to USD36.1 million in the three months ended September 30, from USD25.7 million in the corresponding period last year.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Lancashire Holdings