(Alliance News) - Lancashire Holdings Ltd on Wednesday reported a growing half-year profit, citing the best rate environment for some of its business in over a decade.
Pretax profit in the first half to June 30 rose to USD78.0 million from USD54.1 million a year ago.
Gross premiums written surged to USD938.1 million from USD697.2 million as the Bermuda-headquartered insurer posted a 45% increase in its property and casualty reinsurance. It grew to USD548.0 million from USD377.0 million. Marine insurance rose 40% to USD66.8 million from USD47.7 million.
The firm declared an interim dividend of 5 US cents, unchanged from a year ago.
"While broader macro-economic issues are impacting the outlook for the global economy, we believe that the strong rate environment for many of our products is the best we have seen for more than a decade and that it will continue through the second half of 2022 and into 2023. This includes risk-adjusted rate rises and attractive opportunities across lines impacted by the conflict in Ukraine," the company said.
Lancashire shares were 2.6% higher at 438.54 pence each in London on Wednesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Lancashire Holdings (LRE)