Lancashire plc releases 1Q23 trading statement

Lancashire Holdings Limited (the listed plc) has released its trading statement for the 3 months ending 31st March 2023.

• Gross written premiums (GWP) increased by 22.7% year-on-year to $586.2 million..

• The group’s Renewal Price Index (RPI) was 117%.

• IFRS 17 insurance revenue increased by 31.6% year-on-year to $338.7 million.

• Total net investment return, including unrealised gains and losses, of 1.5%.
• Regulatory ECR ratio of approximately 308% as at 31 December 2022.

Alex Maloney, Group CEO, commented: “I am pleased to report that Lancashire has continued to execute its strategy to take advantage of the significantly improved market conditions. In the first three months of 2023 we maintained the momentum we built during 2022 with an increase in gross premiums written of 22.7% to $586.2 million, the highest the Group has delivered in a first quarter. Strong rate rises in a number of our product lines have persisted, particularly in property catastrophe business where the supply and demand gap for capacity which we saw at the January 1 renewals remains. For most other lines, 2023 is the sixth year of consecutive rate increases and we will continue to grow, where it makes sense, in this positive underwriting environment. As for our investments, they delivered a positive total net investment return for the quarter of 1.5%. Our track record of navigating the insurance cycle through disciplined risk selection and capital management gives us confidence in delivering on our strategic priorities for the remainder of 2023. We look forward to making the most of these exciting underwriting opportunities supported by our robust capital position and talented teams.”