(Alliance News) - Lancashire Holdings Ltd on Thursday reported a record first quarter and said it only saw a negligible hit from natural catastrophe events so far in 2023.
Lancashire Holdings shares rose 3.7% to 595.50 pence each in London on Thursday morning, among the best FTSE 250 performers.
The Bermuda-based insurance company said gross written premiums rose 23% to USD586.2 million in the first three months of 2023 from USD477.9 million a year before.
It is Lancashire's best-ever first-quarter for gross written premiums.
"Our track record of navigating the insurance cycle through disciplined risk selection and capital management gives us confidence in delivering on our strategic priorities for the remainder of 2023," Chief Executive Alex Maloney said.
Lancashire noted natural catastrophe loss events during the quarter included storms in the US, an earthquake in Turkey, and flooding in New Zealand.
"These losses, both individually and in aggregate, were not sufficiently material to exceed our normal disclosure threshold," Lancashire explained.
By Eric Cunha, Alliance News news editor
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Lancashire Holdings (LRE)