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. -
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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