Lancashire profit jumps, sees higher energy insurance demand
(Reuters) — Property/casualty insurer Lancashire Holdings Ltd. reported on Thursday a near 48% percent jump in first-quarter pretax profit as it brought in more premiums, and said a sustained period of stable oil prices would boost energy insurance demand through 2018 and 2019.
The company, a provider of insurance cover for heavy-duty assets such as oil rigs, ships and aircraft, said energy gross premiums written increased 17.8% to $30.4 million in the quarter ended March 31.
Gross premiums written rose 18.1% in the Lloyd's segment in the quarter.
Lancashire's total quarterly gross written premiums rose about 9.8% to $215.8 million from a year earlier, while its combined ratio improved to 65.2% from 85.6%.
The pretax profit came in at $42.4 million in the quarter, compared with $28.7 million a year earlier.
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Lancashire records pre-tax loss of more than $136 million due to hurricanes, quakes
U.K.-based insurer and reinsurer Lancashire Holdings Ltd. recorded a pre-tax loss of $136.4 million in the third quarter, driven by the recent hurricanes and quakes, Reuters reported. Lancashire reported a pre-tax profit of nearly $43 million in the third quarter of 2016. The net loss from hurricanes Harvey, Irma and Maria, and earthquakes in Mexico totaled $165 million. Gross written premiums grew more than 32% to $143 million, compared with more than $108 million in the third quarter of 2016.
