Lancashire Group
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
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Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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Lancashire posted heavy losses in its Q4 result and said its ILS capital is down materially.
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The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The insurer grew its top line by 41% in the first half of 2021.
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Lancashire Capital Management says little to no impact from Uri
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Lancashire Capital Management delivered an 80% uplift In the reinsurer’s share of profits from its retro-focused portfolio.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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The carrier joins Beazley, Hiscox and RenRe in tapping up markets to invest in growth.
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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent.
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Trapped capital will become an issue in the coming months, CEO of Lancashire Capital Management Darren Redhead said.
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The group’s Covid loss represents 2.9 percent of shareholders’ equity at year-end 2019 as it swerved contingency claims.
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The (re)insurer should benefit from profit commission later in the year, chief executive officer Darren Redhead said.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The change will bring the vehicle’s name and brand into line with the rest of the Lancashire Group, the company said.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The increase suggests the Lancashire-owned firm has grown to $750mn of assets under management.
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Lancashire earned a $0.1mn profit from its 10 percent stake in the Kinesis funds.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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Lancashire group CEO Alex Maloney said capital providers are pushing on return and risk disclosures.
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The group reported a benign first quarter for claims with no new major net losses.
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The business is achieving a 10 percent uplift in pricing.
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Basic fee income was up year on year, although 2017 losses meant it made no profit commission.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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The Q3 income offset losses recorded in H1.
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Lancashire’s asset management platform took a second consecutive quarter of losses, but its fee income was up after raising additional capital.
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Former CEO Rick Welsh has left the company as it prepares for a rebrand.
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Lancashire's $500mn sidecar took a loss in Q1 but grew its premium base by a third.
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An "awful lot" of trapped ILS capital may turn out to be lost capital as 2017 claims evolve, chief underwriting officer at QBE Re Jonathan Parry said during a panel debate at Trading Risk's London ILS event last week.
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