Lancashire
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. -
CEO Alex Maloney is predicting more growth for Lancashire in 2023 considering the strong cat market and improving rate conditions across the carrier’s book.
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The carrier increased its Ukraine reserves to $65.8mn while reporting a combined ratio of 97.7%.
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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
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Robert Lusardi is taking over the role from Simon Fraser, who is stepping down after nearly nine years as a senior independent director at Lancashire.
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Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
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Lancashire 2010 has had its syndicate business forecast approved, but it may be revised in the wake of Hurricane Ian.
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Lancashire has appointed Francis Lobo as head of engineering, Nicola Nairn as group head of reward and confirmed the appointment of Angus Roberts as head of airline.
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Alex Maloney also reiterated that the company, which reported H1 results earlier today, is still “committed” to the cat game.
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The latest addition to the board is a veteran of Axis and Ace.
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The carrier said its ultimate net losses in Ukraine since the start of the conflict were towards the lower end of its initial range, at $22mn.
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