Lancashire
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“It is very hard to think about the future if you can’t make money today,” the Lancashire CEO said during (Re)Connect. -
Commentary from Beazley and Lancashire also flags challenges on volumes, interest rates and recessionary claims.
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The CEO said people were getting “ahead of themselves” to say it was the best market conditions in recent memory.
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Analysts had expected the carrier to make a first-half profit, but reserve deterioration and higher Covid-19 claims impacted results.
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The carrier reported a combined ratio of 106.9% as it absorbed Covid-19 losses mainly from its property book.
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The entry into the market follows a handful of carrier exits in London.
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UBS analyst Jonny Urwin calls the raise “a big statement” that endorses hard market sentiments.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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The carrier joins London-listed rivals Beazley and Hiscox in positioning itself to take advantage of pandemic-era rate growth.
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The carrier’s long-term backer sells after a surge in the share price.
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Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
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Beazley stock rises more than 9 percent following its issue.
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