Lancashire
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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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The carrier attributed the growth to significant rate rises in property (re)insurance and growth across other specialty lines.
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Matthew Narbett will continue in his role as active underwriter of Syndicate 2010, while Colette Murphy has been promoted from deputy head of D&F.
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His role change — following that of LCM leader Darren Redhead in 2021 — raises questions over the firm’s future ILS strategy.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
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Lancashire group CUO Paul Gregory added that Q2 2023 marks the 22nd consecutive quarter of positive rating momentum.
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