Lancashire
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The CEO said the carrier had identified several areas in its portfolio as having room to grow.
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The carrier said it remains on track to hit a mid-80s combined ratio at the end of FY 2024.
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The short-term disruption of relisting may be justified by the long-term benefits.
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The unit has hired Everest’s Chris Curtin and Axa XL’s Brian Quinn.
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Hiscox, Beazley and Lancashire all delivered one-off capital returns while swerving casualty issues.
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In August 2023, Lancashire announced it was planning to launch in the US.
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The carrier reported an undiscounted combined ratio of 82.6% in 2023.
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Operating entity Lancashire Insurance Company Limited, based in Bermuda and the US, has a long-term ICR of a+ while parent company Lancashire Holdings Limited has a long-term ICR of bbb+.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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Cat losses were within budgets despite high levels of minor events.
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The CEO was speaking on the back of the carrier’s Q3 results, where it confirmed it would be returning $169mn to investors by way of a $119mn special dividend and offering up to $50mn in buybacks.
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