Lancashire
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Barnes, Flude, Narbett and Thomas are all to be promoted in a reshuffle. -
The executive will take up the role of global head of marine at AIG.
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Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected.
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Plus this week’s Q1 results and all the top news of the week.
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CEO Alex Maloney acknowledged the company has exposure to losses in Russia, “although they have not yet materialised”.
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Growth was driven by the P&C reinsurance segment, which increased GWP by 39.1% to $310.1mn.
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In the event of a $2bn aviation-industry loss, Lancashire would face a $40mn loss on its aviation book, as well as a $10mn loss on other lines due to the Ukraine conflict, analysts said.
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Lancashire has direct exposure to Ukraine through aviation, marine and political risk lines, according to a Jefferies report that said the carrier will likely incur “immaterial losses” from the conflict in its aviation war business.
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The withdrawal of the major lead market will substantially reduce available capacity at 1 April renewals.
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The CEO said, in very heavy cat years, “if you write a substantial amount of cat business as we do, there's going to be an inherent volatility to your business, which we accept”.
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Despite heavy cat losses, its combined ratio improved by 0.5 pts, due to an improved expense ratio of 17.2%, compared with 24% in 2021.
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Over the last 12 months, three of the four London-listed companies have drastically underperformed their US-listed and Continental European peers.
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