The firm sees its gross premiums climb despite being “tested by the June UK flooding”
Lancashire Holdings has announced its results for the second quarter and the first six months of 2007.
The company has reported gross written premiums of $270.8m – an increase of 32.8% from the equivalent period last year. Net premiums written increased by 51.6%. Net income after tax was $82.5m.
It also posted an impressive combined ratio of 56.6%.
For the first six months of the year, gross written premiums were $451.5m – an increase of 42.7% from the same period last year. Net written premiums increased by 53.3%, with a combined ratio of 52.2%. Net income after tax was $170.4m. At 30 June, total capital was $1.440bn, and $129m of long term debt.
Richard Brindle, group chief executive officer, said: “In both relative and absolute terms, Lancashire has enjoyed an excellent first half of 2007.
“In addition to events in Australia and Japan, we were tested by the June UK flooding; a loss which, on current estimates, ranks in the top ten of non-US catastrophe events in recent memory.
“When we started this business, we chose a different path from the other post-Katrina market entrants and indeed from many existing companies.
“Our approach is to write a diversified book of direct specialty insurance.”
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