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(Alliance News) - Lancashire Holdings Ltd on Thursday posted first-quarter premiums growth but estimated up to USD45 million in claims related to the severe winter storm in Texas.
The mid-cap Lloyd's of London insurer said gross premiums written rose 46% annually in the three months ended March to USD354.8 million.
"This increase in our top-line premium income represents our strongest ever first-quarter premium," Chief Executive Alex Maloney said.
"Absent the estimated impact of Winter Storm Uri, our underlying financial performance was strong."
Lancashire said estimates claims from the US winter storm between USD35 million and USD45 million. Large areas of the US, notably Texas, were hit by a deep freeze in February. Texas suffered major power cuts as a result.
Also on Thursday, Lancashire said it added Irene Brown to its board as a non-executive director. Brown joined on Wednesday. She is currently the human resources chief at M&G PLC and has also held HR roles at BP PLC and Barclays PLC.
Lancashire shares were 4.7% higher at 712.00 pence each in London on Thursday morning, one of the best mid-cap performers.
By Eric Cunha; ericcunha@alliancenews.com
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