Lancashire

Cat losses were within budgets despite high levels of minor events.

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.

The carrier attributed the growth to significant rate rises in property (re)insurance and growth across other specialty lines.

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.

His role change — following that of LCM leader Darren Redhead in 2021 — raises questions over the firm’s future ILS strategy.

London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.

Lancashire group CUO Paul Gregory added that Q2 2023 marks the 22nd consecutive quarter of positive rating momentum.

The carrier’s insurance GWP increased by 35.1%, while reinsurance GWP grew by 19.9%.

Beazley and Lancashire’s plans to launch US units exemplify wider competitive challenges that the market must overcome to thrive.

The business is likely to target energy casualty, property D&F and inland marine in its first year.

She will join the team headed up by Stella Tomlin, who launched the Lancashire marine liability book in 2021.

Wood spent most of his near-19-year stint at Lancashire as head of property D&F for Lancashire’s Lloyd’s Syndicate 2010.