Lancashire holds premiums steady as insurance growth offsets reinsurance decline

Lancashire’s portfolio recorded a renewal price index (RPI) of 93% in the first nine months of 2026, reflecting rate reductions broadly in line with management’s expectations.

Lancashire reported broadly stable gross written premiums (GWP) of $1.81 billion for the first nine months of 2026, down 1% from $1.83 billion a year earlier.

Insurance GWP increased by 5.3% to $837 million, driven by the continued development of Lancashire’s US operations and additional marine war premiums associated with the conflict in the Middle East. This helped offset a 6% reduction in reinsurance premiums to $970 million, which reflected lower reinstatement premiums and deliberate reductions in property retrocession exposure.

Insurance revenue increased by 0.7% to approximately $1.41 billion, benefiting from business written in previous underwriting years.

The company reported relatively benign natural catastrophe experience during the third quarter, although manmade losses included claims arising from the Middle East conflict. Management said its exposure to the region remained limited and losses were not material to reserves.

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