Headquarters Address: Power House, 7 Par-la-Ville Road, Hamilton HM 07, Bermuda
GWP: $706.7 million (according to 2019 annual report)
Size (employees): 200+
UK Locations: Bermuda, London
Underwriting Expertise: Property, energy, marine, and aviation insurance
Key People: Group CEO: Alex Maloney
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.
