Lancashire Holdings swings to profit despite higher levels of loss activity in Q4

Writer, Stock Market Wire
Thursday, February 14, 2019 - 09:24

Property and casualty insurer Lancashire Holdings swung to profit Thursday from a loss a year earlier even as it grappled with a challenging quarter amid a 'high levels' of loss activity from catastrophes.

For the year ended 31 December, the company reported pre-tax profit of $33.6m, compared with a loss of $72.9m a year earlier.

The return to the black for the year was helped by a 7.9% rise in gross written premiums to $638.5m. The company saw an underwriting profit as the combined ratio improved to 92.2% from 124.9% a year earlier.

The upbeat results come in the face of challenging in the fourth quarter, which was fraught with 'higher levels of loss activity than average, with the occurrence of hurricane Michael in October and a further series of catastrophic wildfires in California causing a tragic loss of life,' the company said.

A final dividend of $0.10 a share was declared, taking the total dividend for the year to $0.35 a share, helped by the special dividend of $0.20 declared earlier this year .

Looking ahead, the company said it expected to see 'improved rates across many of our lines of business, and growth through new business where we have recently added new teams.'

At 9:24am: (LON:LRE) Lancashire Holdings Ltd share price was +23.5p at 618.5p


Related content

Broker Forecast - JP Morgan Cazenove issues a broker note on Lancashire Holdings Ltd

JP Morgan Cazenove today reaffirms its overweight investment rating on Lancashire Holdings Ltd (LON:LRE) and raised its price target to 650p (from 615p).

Broker Forecasts...

Tue, 30/07/2019 - 12:10


Broker Forecast - Peel Hunt issues a broker note on Lancashire Holdings Ltd

Peel Hunt today reaffirms its hold investment rating on Lancashire Holdings Ltd (LON:LRE) and cut its price target to 660p (from 705p).

Broker Forecasts data...

Tue, 30/07/2019 - 08:00


Broker Forecast - UBS issues a broker note on Lancashire Holdings Ltd

UBS today reaffirms its buy investment rating on Lancashire Holdings Ltd (LON:LRE) and raised its price target to 760p (from 745p).

Broker Forecasts data provided...

Fri, 26/07/2019 - 13:10


Broker Forecast - Barclays Capital issues a broker note on Lancashire Holdings Ltd

Barclays Capital today reaffirms its equal weight investment rating on Lancashire Holdings Ltd (LON:LRE) and raised its price target to 731p (from 682p).

Broker Forecasts...

Mon, 08/07/2019 - 08:30


Broker Forecast - UBS issues a broker note on Lancashire Holdings Ltd

UBS today reaffirms its buy investment rating on Lancashire Holdings Ltd (LON:LRE) and raised its price target to 745p (from 735p).

Broker Forecasts data provided...

Thu, 20/06/2019 - 11:00