Lancashire Holdings reaffirms guidance as insurance revenue climbs

(Alliance News) - Lancashire Holdings Ltd on Thursday reported a rise in gross premiums written and insurance revenue in the first quarter, backed by a positive underwriting environment.

The Bermuda-based insurer said gross premiums written increased 7.8% to USD631.7 million in the three months ended March 31, from USD586.2 million a year ago.

Insurance revenue jumped 25% to USD422.0 million from USD338.7 million.

Managed investments as at March 31 increased 11% to USD2.82 billion from USD2.54 billion a year prior.

Chief Executive Officer Alex Maloney said: "Our new US operation, Lancashire Insurance US, has now begun underwriting excess and surplus lines business in the property and energy casualty classes. We are very pleased with the strong team we have built and we believe that there are significant long-term opportunities for Lancashire in this market."

Noting excitement by prospects for the company in 2024, he added: "We remain focused on writing profitable business across our diversified product suite, offering relevant solutions to our clients, and fully delivering on our strategic priorities."

Looking ahead, Lancashire affirmed its guidance for 2024, expecting an undiscounted combined ratio around the mid-80% range, compared to 82.6% reported for 2023.

Further, the company confirmed that its new Chair Philip Broadley started his role on Wednesday.

Lancashire shares fell 1.0% to 596.00 pence each on Thursday morning in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Lancashire Holdings