Lancashire Group
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The carrier is “extremely well capitalised” to achieve its strategic ambitions. -
Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
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Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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Lancashire posted heavy losses in its Q4 result and said its ILS capital is down materially.
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The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The insurer grew its top line by 41% in the first half of 2021.
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Lancashire Capital Management says little to no impact from Uri
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Lancashire Capital Management delivered an 80% uplift In the reinsurer’s share of profits from its retro-focused portfolio.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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The carrier joins Beazley, Hiscox and RenRe in tapping up markets to invest in growth.
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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent.
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Trapped capital will become an issue in the coming months, CEO of Lancashire Capital Management Darren Redhead said.
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The group’s Covid loss represents 2.9 percent of shareholders’ equity at year-end 2019 as it swerved contingency claims.
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The (re)insurer should benefit from profit commission later in the year, chief executive officer Darren Redhead said.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The change will bring the vehicle’s name and brand into line with the rest of the Lancashire Group, the company said.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The increase suggests the Lancashire-owned firm has grown to $750mn of assets under management.
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Lancashire earned a $0.1mn profit from its 10 percent stake in the Kinesis funds.
