Property and casualty insurer Lancashire Holdings posted a modest uptick in premiums in the first quarter amid a relatively 'benign' claims environment.
Gross premiums written increased by 0.6% year on year to $217.2m, and total investment return was 1.8% in the quarter, the company said.
This comes as the company said that the claims environment was relatively benign, with no new major net losses in the quarter.
Rate increases remained consistent with full year 2018 trends, with a Group Renewal Price Index of 103% for the quarter, the company added.
The group strengthen its presence and premium income in our specialty lines, but continued to see subdued pricing in its property reinsurance classes.
'Our performance for the first quarter of 2019 has been encouraging, with rate and business momentum. Underwriting margins remain in line with our expectations,' said Alex Maloney, Group Chief Executive Officer.
'There is evidence that the insurance and reinsurance markets in which we operate are now going through a period of transition. The heavy global insured losses sustained by the markets over the last 24 months have demonstrated that premium levels in many classes had fallen too low. However, we are now beginning to see early signs of greater market discipline.'
At 8:21am: (LON:LRE) Lancashire Holdings Ltd share price was -13p at 682p