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Lancashire publishes H1 financials

Lancashire publishes H1 financials | Insurance Business UK

Lancashire publishes H1 financials

Global specialty (re)insurance provider Lancashire Holdings Limited has released its first half numbers, which point to a massive turnaround for the Bermuda-headquartered group.

Here’s how Lancashire performed in the six months ended June 30, 2021:

Metric

H1 2021

H1 2020

Gross written premium (GWP)

US$697.2 million

US$495.5 million

Underwriting profit

US$127.1 million

US$39.4 million

Profit (loss) before tax

US$54.1 million

US$(23) million

  

Broken down, property & casualty GWP went up in both insurance and reinsurance, while figures also rose in the areas of aviation and energy. The same can’t be said, though, about marine GWP, which declined 10.8% from last year’s count.

Combined ratio in the half-year period stood at 80.7%. Excluding Winter Storm Uri, it would have been at 65.7%. According to chief financial officer Natalie Kershaw, the group did not incur any other significant losses and had positive reserve releases of US$53.6 million in the first half.

Commenting on the results, Lancashire chief executive Alex Maloney stated: “I am particularly pleased with the group’s strong premium growth of 40.7% in the first half of the year.

“It has always been our strategy to write more business and deploy more of our capital when market conditions dictate, and these results amply demonstrate our persistent focus on delivering on our strategic aims.”

Meanwhile the company’s board of directors has declared an interim dividend of US$0.05 per common share to be paid on September 03. Lancashire said this will result in an aggregate payment of around US$12.2 million.