Lancashire Holdings Warns on Political, Natural Catastrophe Losses
October 21 2021 - 5:21AM
Dow Jones News
By Sabela Ojea
Lancashire Holdings Ltd. warned Thursday that it will suffer
more than $200 million in losses due to recent political and
natural catastrophe events.
The Bermuda-based, U.K.-listed insurance company said it should
incur aggregate net ultimate losses in the range of $165 million
and $185 million due to Hurricane Ida and severe weather in
Europe.
Political violence and unrest in South Africa during 2021 will
also translate into estimated ultimate net losses of around $40
million, it said.
The London-listed company noted that these estimates, which are
in line with its expectations for these types of events, are after
anticipated recoveries from its outwards reinsurance program and
the impact of outwards and inwards reinstatement premiums.
"Looking ahead, the company remains strongly capitalized to be
able to take advantage of the improving market, both in the rest of
this year and in order to achieve our ambitious underwriting plans
for 2022. The rating environment continues to improve, premiums
continue to grow, and we are well-positioned to achieve our
strategic goals," Chief Executive Alex Maloney said.
Shares at 0830 GMT were down 28.00 pence, or 5.1%, at 526.00
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 21, 2021 05:06 ET (09:06 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Lancashire (LSE:LRE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lancashire (LSE:LRE)
Historical Stock Chart
From Apr 2023 to Apr 2024