Lancashire : Everything you need to know

Lancashire: Everything you need to know

Headquarters address

Power House, 7 Par-la-Ville Road, Hamilton HM 07, Bermuda
Gross written premiums $1.65 billion (2022)
Size (employees) 300+
Office locations Bermuda, London
Underwriting expertise Property, energy, marine, and aviation insurance
Key people

Alex Maloney (group CEO), Natalie Kershaw (group chief financial officer), Paul Gregory (group chief underwriting officer and LCM CEO), John Cadman (group general counsel and CEO Lancashire Insurance Company), Hayley Johnston (CEO Lancashire Insurance Company Limited and reinsurance manager), Louise Wells (chief risk officer)

About Lancashire

Lancashire Insurance Group provides global specialty insurance and reinsurance products through three platforms: Lancashire, Lancashire Capital Management, and Lancashire Syndicates.

Lancashire focuses on specialty short-tail (re)insurance. Meanwhile, Lancashire Capital Management focuses on third-party funded, fully collateralised reinsurance for aviation, energy, marine, property catastrophe, and the terror sectors. Lancashire Syndicates provides the company with access to Lloyd’s through managed Syndicates 2010 and 3010.

History of Lancashire

Lancashire Insurance Group was founded in 2005 to focus on underwriting as it capitalises on the market’s opportunities. During the same year, the company raised more than $1 billion via an initial public offering on AIM. Over the years, Lancashire has focused on maintaining its core insurance and (re)insurance portfolios while reducing net exposures and enhancing risk-adjusted returns.

In 2008, the group delivered an 86.3% combined ratio and a 3.1% positive total investment return despite significant losses in the (re)insurance market caused by insured events and the financial crisis.

In 2012, the group optimised its portfolio to balance its exposure and focus on more profitable areas. It also launched Saltire, a client-facing third-party capital reinsurance facility.

Leadership at Lancashire

Alex Maloney – Group CEO

Maloney joined Lancashire in 2005. He was responsible for establishing and building the company’s energy underwriting account and team.

With more than 20 years of underwriting experience, he was appointed as the group chief underwriting officer of Lancashire in May 2009 and a member of the Lancashire board in November 2010.

After proving his leadership skills further, he stepped up to the group chief executive officer position in April 2014 after becoming the chief executive officer of Lancashire Insurance Company (UK) Limited in 2012.

Culture at Lancashire

The Lancashire Foundation, which receives funding from the company’s donations, uses its resources to meet the needs of local and international communities. It aims to develop long-term relationships with charities as well as helping young people and others who are disadvantaged in society.

The foundation holds more than 140,000 shares in the company, with additional funds coming from dividends payable on the shares and benefits that arise from the increase in share price. It funds and manages the company’s partnerships with charities and organisations such as Médecins Sans Frontières (MSF), Family Centre, International Care Ministries, Tomorrow’s Voice, and St. Giles Trust.

In the news

Lancashire reports full year financials for 2023

INSURANCE NEWS

Lancashire reports full year financials for 2023

CEO reiterates alignment to "market cycle"

Ascot expands reinsurance arm with new marine & energy treaty practice

REINSURANCE

Ascot expands reinsurance arm with new marine & energy treaty practice

Leading the charge are two new faces for the group

Lonmar Global Risks makes key appointment as part of expansion

INSURANCE NEWS

Lonmar Global Risks makes key appointment as part of expansion

Move to grow market presence in the North and Midlands

Lancashire Insurance credit ratings upgraded by AM Best

REINSURANCE

Lancashire Insurance credit ratings upgraded by AM Best

Parent company's outlook also bolstered from negative to stable

Lancashire posts financial results for first nine months of 2023

INSURANCE NEWS

Lancashire posts financial results for first nine months of 2023

Gross premiums saw an increase of more than 20%

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