Lancashire reports soaring Q1 profits

by Richard Kilner

Story link: Lancashire reports soaring Q1 profits

Lancashire Holdings Limited has reported its financial results for the first quarter of 2012, including net profit after tax of $45.2m.

This is around fivefold the $8.6m that the firm achieved in the corresponding period last year and also exceeds the $39m it made during Q4 2011.

Pre-tax profits came to $46.5m, which was also significantly better than the $8.4m of the same period in 2011, and the net operating profit soared from $6.9m in Q1 2011 to $42.9m.

Quarterly gross written premiums rose, year-on-year, from $171.9m to $234m, but net premiums declined from $137.7m to $132.1m.

Group Chief Executive Officer Richard Brindle described Lancashire’s Q1 result as solid, and thanked the firm’s shareholders for approving plans to allow it to issue up to 10% of issued share capital on a non pre-emptive basis.