LONDON, UK – Lancashire Holdings Limited held its Q1 2024 Sales/Trading Statement Call on May 2, 2024, at 08:00 AM Eastern Time. The call featured key company participants, including Group CEO Alex Maloney, Group Chief Underwriting Officer and LCM CEO Paul Gregory, Group CFO Natalie Kershaw, Chief Investment Officer Denise O’Donoghue, and IR Jelena Bjelanovic.
During the call, CEO Alex Maloney highlighted the company’s record first quarter performance, emphasizing their long-term strategy to capitalize on underwriting opportunities. With a focus on premium growth and underwriting margins, Lancashire Holdings achieved a 104% aggregate rate change, indicating strong momentum in the underwriting cycle.
Despite challenges such as the Baltimore bridge disaster, the company’s diversified product suite and healthy profit contributions enabled Lancashire Holdings to affirm its full-year guidance for an undiscounted combined ratio in the mid-80s and a return on equity of around 20%. The launch of Lancashire U.S. further demonstrated the company’s growth and profitability in the insurance market.
Group Chief Underwriting Officer Paul Gregory discussed favorable market conditions and growth opportunities in property insurance and specialty reinsurance. Lancashire U.S. showcased a successful start, contributing to the company’s overall growth strategy. The company remains confident in its pricing cycle and is committed to maintaining underwriting discipline.
CFO Natalie Kershaw addressed the financial aspects, highlighting significant premium growth and investment portfolio performance. With a focus on strategic asset allocation and risk management, Lancashire Holdings continues to prioritize capital requirements and resilience in a dynamic market environment.
In response to investor queries, the management team reaffirmed their commitment to maintaining strong rating adequacy and strategic growth across various business lines. Lancashire Holdings remains poised for continued success in navigating market challenges and seizing opportunities for sustained growth and profitability.
