Lancashire swings to red in 2021
Lancashire and Beazley boosts GWP
Lancashire Holdings Limited expects net natural catastrophe losses in the third quarter to range from $165 million to $185m, it has announced. Earnings will be hit by its exposure to hurricane Ida and the European storms Bernd, Volker and Xero.
It also expects losses in its political violence portfolio related to the unrest in South Africa during July 2021 of about $40 million.
“Our thoughts are with those who have suffered as a result of the recent catastrophe and political violence events,” said Alex Maloney, group chief executive officer. “For Lancashire, these loss estimates are within our expectations for these types of events and demonstrate the value of our products to our re/insureds and other stakeholders.”
“Looking ahead, the company remains strongly capitalised to be able to take advantage of the improving market, both in the rest of this year and in order to achieve our ambitious underwriting plans for 2022. The rating environment continues to improve, premiums continue to grow, and we are well-positioned to achieve our strategic goals.”
More details will be given in the earnings release for the third quarter, due for release on 4 November 2021.
Lancashire Holdings Limited, Nat Cat Losses, Q3, Hurricanes, Storms, Catastrophe, Insurance, Reinsurance, Alex Maloney, Global