Lancashire Holdings increased its gross written premiums by 13.8 percent in the first nine months of 2019 compared to the same period in 2018, to $578.0 million, it said in its quarterly trading statement.
In its property business gross written premiums increased by 19.0 percent for the first nine months of 2019 compared to the same period in 2018. This segment saw increased new business, said Lancashire, particularly in the property catastrophe and political risk classes, although this was partially offset by the impact of multi-year contracts that were not yet due to renew.
Gross written premiums also increased in the marine business by 30.8 percent, and in the aviation business by 59.6 percent, in the year to the end of September, year on year. for the first nine months of 2019 compared to the same period in 2018.
However, the energy business performed less well, gross written premiums decreasing by 11.9 percent for the first three quarters year on year, although Lancashire emphasised 2018 had benefited from particularly favourable circumstances.
Gross written premiums increased by 15.0 percent in the Lloyd’s segment over the period, primarily due to new business in the energy, aviation, marine and terrorism business lines. But there was a slight reduction in premiums on the property reinsurance and property direct and facultative classes.
The company estimated it had made a net loss of $33.2 million from hurricane Dorian and typhoon Faxai, which was within expectations. Assessments of the impact of typhoon Hagibis are still in the preliminary stages, it said, and will be reflected in its full year results for 2019. It reported no other significant net losses for the first nine months of the year.