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Lancashire pre-tax profits rise

04 May 2017 08:12

Lancashire Holdings' pre-tax profits rose to $28.7m in the three months to the end of March - up from $26.5m a year ago.

Gross premiums written fell to $196.5m from $230.8m and net premiums written fell to $76.3m from $121.6m.

The return on equity in the first quarter was 2.7% compared with 3.8% a year ago.

The operating return on average equity was 2.1% compared with 2.6% a year ago.

Group chief executive Alex Maloney said: "In what continues to be a difficult market we have had a good first quarter delivering an RoE of 2.7%.

"Lancashire has always placed underwriting discipline at the core of its strategy.

"As I reported in February, at the 2017 January renewal season we were able to both renew and strengthen the majority of our book of business.

"There has been some evidence of a slowing of the decline in premium rates, and across our group we have prioritised servicing the needs of our core clients and their brokers.

"We also ensure that we moderate our overall risk exposures, not only through discipline on our inwards books, but in our purchasing of well-priced outwards reinsurance.

"These are our principal tools for prudent exposure management in the current soft market."

At 8:12am: (LON:LRE) Lancashire Holdings Ltd share price was +7.75p at 702.25p

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