Lancashire reports strong Q2
Lancashire Holdings this week posted its second quarter results with pre-tax profits more than doubling on year to $107.2 million.
The London-listed Bermuda-based specialty insurer saw its combined ratio for the quarter drop to just 35.4%, down from 72.3% in the year ago period.
Gross written premiums increased 23% on year to $241.9 million.
Chief executive Richard Brindle commended the “excellent” underwriting result and praised a “reasonable” 2.4% return on investments.
“We have, however, been somewhat surprised by the reduced demand this year for Gulf of Mexico energy hurricane cover”, Brindle said.
“This significantly reduced the level of business written by Lancashire in that particular class, as compared to our expectations.”
However, the company increased its property catastrophe portfolio in the US, with overall premiums in the property sector up 29.9% compared to the year ago period.
“We expect to become a significant market participant”, Brindle said.
Premiums in the marine sector rose 74%.
The company announced an interim dividend of $0.05 per share.
Category: Companies News, Financials, Insurance News
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