Lancashire has released its Q3 Trading Statement which is available in full here.
The key financial points are:
• Strong growth, with gross premiums written increasing by 34.3% year-on-year to $1.3 billion.
• Diversified portfolio adding additional underwriting resilience.
• Group Renewal Price Index (RPI) of 107%.
• Rating momentum for many products continues and in some classes is the best for more than a decade.
• Net loss estimates from hurricane Ian in the range of $160-$190 million.
• Strong balance sheet and robust capital position.
• Total net investment return of negative 5.0%, primarily driven by unrealised losses.
"We see strong opportunities for 2023. We will continue to grow while the opportunity persists in an attractive rating environment."
There is also a set of slides for investors available on the Lancashire website available here.
Strong top line growth of premium showing that Lancashire is using the platforms in Lloyd's and Bermuda to take advantage of current market conditions.
In the past week, Lancashire's share price has risen 18% at the time of writing.