Lancashire Holdings Ltd has reported strong year-on-year growth in marine business, attributing the improvement to “a combination of new business, the renewal of a large multi-year contract and the marine liability class of business having a very strong RPI.”
For the three months ended March 31st 2022, gross premiums written increased by 34.7% year-on-year to $477.9m.
The Group Renewal Price Index (RPI) was 106%.
There was a total net investment return of minus 2.3%,
primarily driven by unrealized losses.
Net loss estimates from the conflict incurred within Ukraine were in the range of $20m to $30m.
The company said that Ukraine continued to be “a complex and evolving situation” and said that it would be supplying an update at the announcement of Lancashire’s half year results in July.
“While we continue to analyze our potential exposure scenarios in Russia,we consider that any potential losses would be within our risk tolerances, and would not impact our ability to deliver on our ambitious growth plans for 2022”, Lancashire said.
| $m | March 31 2022 | March 31 2021 | Change | Change % | RPI % |
| P/C reinsurance | 310.1 | 223.0 | 87.1 | 39.1 | 108 |
| P/C insurance | 56.2 | 39.2 | 17.0 | 43.4 | 104 |
| Aviation | 23.7 | 25.6 | (1.9) | (7.4) | 103 |
| Energy | 52.2 | 45.2 | 7.0 | 15.5 | 104 |
| Marine | 35.7 | 21.8 | 13.9 | 63.8 | 106 |
| Total | 477.9 | 354.8 | 123.1 | 34.7 | 106 |
