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The P&C re segment’s combined ratio improved by 12.7 points to 61.0%. -
The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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The carrier reported an increase of 82% in pre-tax income.
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The move will impact around $50mn of gross written premiums in total.
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Tokio Marine HCC was below plan on income as the carrier prioritised bottom line.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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However, group organic growth among public brokers has slowed to pre-pandemic levels.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.
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Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
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CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.
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Natural catastrophe claims remained consistent compared with the prior year.
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