LANCASHIRE HOLDINGS LIMITED

 

1 May 2025

Hamilton, Bermuda

Senior Independent Director Appointment

 

 

In accordance with UK Listing Rule 6.4.6, Lancashire Holdings Limited (the "Company") announces that Irene McDermott Brown has been appointed Senior Independent Director with effect from 30 April 2025 replacing Robert Lusardi, who has served as Senior Independent Director since 3 November 2022.

 

Irene has been an independent Non-Executive Director since 28 April 2021.  She is the Chair of the Remuneration Committee and is also a member of the Nomination Corporate Governance and Sustainability Committee.

 

The Company further announces that Bryan Joseph has been appointed as a member of the Nomination Corporate Governance and Sustainability Committee with effect from 30 April 2025.

 

Robert Lusardi and Michael Dawson have stepped down as Non-Executive Directors of the Company following the conclusion of the Company's 2025 Annual General Meeting.

 

For further information, please contact:

Lancashire Holdings Limited

 

Christopher Head

 

 

chris.head@lancashiregroup.com

Jelena Bjelanovic

 

jelena.bjelanovic@lancashiregroup.com

 

 

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

 

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

 

For more information, please visit Lancashire's website at www.lancashiregroup.com.

This release contains information which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:30 BST on 1 May 2025.

 

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

 

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

LANCASHIRE HOLDINGS LIMITED

 

1 May 2025

Hamilton, Bermuda

Results of AGM

 

Lancashire Holdings Limited (the "Company") is pleased to announce the voting results for the Annual General Meeting ("AGM") of shareholders held at its Bermuda office on Wednesday 30 April 2025. The meeting considered the twenty resolutions as set out in the AGM Notice dated 28 March 2025; all resolutions considered were duly passed and approved by shareholders casting their votes.

 

Copies of the resolutions passed as Special Business will be submitted to the National Storage Mechanism and available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

Further details of the AGM results will be available shortly on the Company's website www.lancashiregroup.com.

 

 

For further information, please contact:

Lancashire Holdings Limited

Christopher Head

 

chris.head@lancashiregroup.com

Jelena Bjelanovic

 

jelena.bjelanovic@lancashiregroup.com

 

FTI Consulting

+44 20 37271046

Edward Berry

Edward.Berry@FTIConsulting.com

Tom Blackwell

Tom.Blackwell@FTIConsulting.com

 

 

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

The Bermuda Monetary Authority ("BMA") is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire's website at www.lancashiregroup.com.

This release contains information which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:30 BST on 1 May 2025.

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

 

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

LANCASHIRE HOLDINGS LIMITED

 

1 May 2025

Hamilton, Bermuda

 

Lancashire Holdings Limited (“Lancashire” or “the Group”) today announces its trading statement for the three months ended 31 March 2025.

 

Trading statement highlights

 

•          Gross premiums written increased by 12.7% year-on-year to $712.1 million, with a Group Renewal Price Index (RPI) of 97%.

•          Insurance revenue increased by 8.7% year-on-year to $458.9 million.

•          No change to the previously communicated range for the California wildfires, between $145 million and $165 million.

•          Total investment return of 1.9%, including unrealised gains and losses.

•          Regulatory ECR ratio of 271% as at 31 December 2024.

 

Alex Maloney, Group Chief Executive Officer, commented:

 

“For the first three months of 2025 gross premiums written increased by 12.7% year-on-year to $712.1 million. The underlying increase, excluding the impact of reinstatement premiums, was 6.6%. 

Across our portfolio, we have continued to take advantage of underwriting opportunities, while maintaining our usual discipline and focus on risk and positive returns.

 

In a challenging environment, the resilience of the business is clear, with our greater scale and diversification, across classes and geographies, giving us the ability to better withstand volatility and deliver consistently healthy returns for our shareholders.

Insurance revenue increased by 8.7% year-on-year to $458.9 million, with the Group RPI for the quarter at 97%. We continue to focus on profitable growth and rating levels remain more than adequate, albeit slightly lower than the highs of recent years.

Our investment portfolio remains relatively conservative and returned 1.9% for the quarter. In an increasingly unpredictable global financial climate, we will continue to maintain a short duration and high quality portfolio. 

The estimated impact of the wildfires in California, which occurred in January, remains unchanged at between $145 million to $165 million. No other loss events were individually material for the Group in the quarter. Absent the wildfires the underlying performance of the business is strong.  

As we outlined in March, in a severe loss year with a similar level of catastrophe and large risk losses as 2024, as well as the California wildfires, we would still expect to deliver an RoE in the mid-teens for 2025.

 

Our performance, and outlook, set against the loss environment the sector has seen in the last twelve months demonstrates the relevance of our strategy and the quality of our underwriting teams and distribution relationships.  

We are in a very strong position overall and we remain extremely well capitalised.”

 

 Business update

 

Gross premiums written and insurance revenue

 

Three months ended

 

 

31 March 2025

31 March 2024

Change

Change

RPI

 

$m

$m

$m

%

%

Reinsurance

 482.3 

 399.7 

 82.6 

 20.7% 

 96% 

Insurance

 229.8 

 232.0 

 (2.2)

 (0.9%) 

 98% 

Gross premiums written

 712.1 

 631.7 

 80.4 

 12.7% 

 97% 

 

 

 

 

 

 

Reinsurance

 220.3 

 201.8 

 18.5 

 9.2% 

 

Insurance

 238.6 

 220.2 

 18.4 

 8.4% 

 

Insurance revenue

 458.9 

 422.0 

 36.9 

 8.7% 

 

 

Gross premiums written

Gross premiums written increased by $80.4 million, or 12.7%, in the first three months of 2025 compared to the same period in 2024. The reinsurance segment saw new business growth in property, casualty, and the energy and marine classes, as well as increased reinstatement premiums, largely related to the California wildfire losses. Growth in the insurance segment, primarily from the US platform, was offset by reductions across the aviation classes.

 

Insurance revenue

Insurance revenue increased by $36.9 million, or 8.7%, in the first three months of 2025 compared to the same period in 2024. Overall, growth was lower than for gross premiums written, primarily due to the reallocation of reinstatement premiums under IFRS 17.

Loss environment

As previously communicated, the Group estimates its aggregate net ultimate losses (undiscounted, including reinstatement premiums) related to the California wildfires to be in the range of $145 million to $165 million. The estimate falls within the Group’s modelled loss ranges for this type of catastrophe event. Loss information after these types of events can take some time to emerge. As additional information becomes available, the Group’s actual ultimate net losses may vary, perhaps materially, from current estimates. No other loss events were individually material for the Group in the quarter.  

 

 

Investments

As at

31 March 2025

31 March 2024

Duration

2.0 years

1.7 years

Credit quality

A+

A+

Book yield

 4.8% 

 4.3% 

Market yield

 4.8% 

 5.4% 

Managed investments ($m)

$3,098.3

$2,824.9

 

The Group’s investment portfolio, including unrealised gains and losses, returned 1.9% in the first quarter of 2025. The positive returns were driven by investment income as our portfolio benefited from higher yields in conjunction with higher prices from falling treasury rates, buffering the slight widening of investment grade credit spreads. Additionally, our private investment funds had very strong returns during the quarter.

  

Analyst and Investor Conference Call

There will be an analyst and investor conference call on the trading statement at 1:00pm UK time / 9:00am Bermuda time / 8:00am EDT on Thursday 1 May 2025. The conference call will be hosted by Lancashire management and a presentation will be made available on the Group’s website prior to the call.

 

Participant Access

Please note that conference call participants are required to register in advance to access either the audio conference call or webcast, the full registration and access details are set out below.  

Audio access:

https://emportal.ink/3RkdN4s

 

Please register to obtain your personal audio conference pin and call details.

 

 

Webcast access:

https://onlinexperiences.com/Launch/QReg/ShowUUID=D1D7C814-FC11-402A-82B1-57276119D861

 

Please use this link to register and access the call via webcast.

 

A webcast replay facility will be available for 12 months and accessible at: https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html

 

Contact information  

Lancashire Holdings Limited

 

Christopher Head

chris.head@lancashiregroup.com

Jelena Bjelanovic

 

jelena.bjelanovic@lancashiregroup.com

 

 

 

FTI Consulting

 

Edward Berry

 

Edward.Berry@FTIConsulting.com

Tom Blackwell

Tom.Blackwell@FTIConsulting.com

 

 

 

 About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

 

Lancashire common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

 

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

 

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 UK time on 1 May 2025.

 

 

NOTE REGARDING RPI METHODOLOGY:

 

THE RENEWAL PRICE INDEX (“RPI”) IS AN INTERNAL METHODOLOGY THAT MANAGEMENT USES TO TRACK TRENDS IN PREMIUM RATES OF A PORTFOLIO OF INSURANCE AND REINSURANCE CONTRACTS. THE RPI WRITTEN IN THE RESPECTIVE SEGMENTS IS CALCULATED ON A PER CONTRACT BASIS AND REFLECTS MANAGEMENT’S ASSESSMENT OF RELATIVE CHANGES IN PRICE, TERMS, CONDITIONS AND LIMITS AND IS WEIGHTED BY PREMIUM VOLUME. THE RPI DOES NOT INCLUDE NEW BUSINESS, TO OFFER A CONSISTENT BASIS FOR ANALYSIS. THE CALCULATION INVOLVES A DEGREE OF JUDGEMENT IN RELATION TO COMPARABILITY OF CONTRACTS AND THE ASSESSMENT NOTED ABOVE. TO ENHANCE THE RPI METHODOLOGY, MANAGEMENT MAY REVISE THE METHODOLOGY AND ASSUMPTIONS UNDERLYING THE RPI, SO THE TRENDS IN PREMIUM RATES REFLECTED IN THE RPI MAY NOT BE COMPARABLE OVER TIME. CONSIDERATION IS ONLY GIVEN TO RENEWALS OF A COMPARABLE NATURE SO IT DOES NOT REFLECT EVERY CONTRACT IN THE PORTFOLIO OF CONTRACTS. THE FUTURE PROFITABILITY OF THE PORTFOLIO OF CONTRACTS WITHIN THE RPI IS DEPENDENT UPON MANY FACTORS BESIDES THE TRENDS IN PREMIUM RATES.

 

NOTE REGARDING ALTERNATIVE PERFORMANCE MEASURES:

 

THE GROUP USES ALTERNATIVE PERFORMANCE MEASURES TO HELP EXPLAIN BUSINESS PERFORMANCE AND FINANCIAL POSITION. THESE MEASURES HAVE BEEN CALCULATED CONSISTENTLY WITH THOSE AS DISCLOSED IN THE GROUP’S ANNOUNCEMENT OF ITS RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024.

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

 

CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS “BELIEVES”, “AIMS”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR A DESCRIPTION OF SOME OF THESE FACTORS, SEE THE GROUP’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024. IN ADDITION TO THOSE FACTORS CONTAINED IN THE GROUP’S 2024 ANNUAL REPORT AND ACCOUNTS, ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS RELEASE MAY BE AFFECTED BY: THE IMPACT OF TRADE TARIFFS AND THE POSSIBILITY OF A CONTINUATION OR ESCALATION OF GLOBAL OR REGIONAL TRADE DISRUPTION ARISING THEREFROM AND THE CONSEQUENT ECONOMIC UNCERTAINTY WHICH MAY AFFECT (RE)INSURANCE DEMAND OR THE PERFORMANCE OF OUR INVESTMENT PORTFOLIO.  ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE. PROSPECTIVE INVESTORS SHOULD SPECIFICALLY CONSIDER THE FACTORS IDENTIFIED IN THIS RELEASE AND THE REPORT AND ACCOUNTS NOTED ABOVE WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER BEFORE MAKING AN INVESTMENT DECISION.

LANCASHIRE HOLDINGS LIMITED

 

28 March 2025

Hamilton, Bermuda

 

Notice of 2025 AGM and Publication of 2024 Annual Report

 

Lancashire Holdings Limited (the "Company") will hold its 2025 Annual General Meeting ("AGM") on Wednesday 30 April 2025 commencing at 12:30pm (Bermuda time) at its head office, Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda. Shareholders are able to attend in person or via a dedicated telephone conference line as detailed in the Notice of the AGM (the "AGM Notice"). Shareholders entered on the register of members at the close of business on 23 April 2025 (the "Record Date") will be entitled to attend and vote at the meeting (in line with requirements detailed in the AGM Notice).

 

Shareholders are strongly encouraged to appoint the Chair of the meeting as their proxy to ensure that their vote is counted. The AGM Notice and the annual report and accounts for the year ended 31 December 2024 (the "Annual Report") were posted to Shareholders on 28 March 2025.

 

Pursuant to Listing Rule 6.4.1R, copies of the Annual Report and AGM Notice have been submitted to the National Storage Mechanism and will shortly be available for public inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

A copy of the Annual Report is also available on the Company's website at www.lancashiregroup.com/en/investors

  

For further information, please contact:

 

Lancashire Holdings Limited

Christopher Head

 

chris.head@lancashiregroup.com

Jelena Bjelanovic

 

jelena.bjelanovic@lancashiregroup.com

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

 

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

 

For more information, please visit Lancashire's website at www.lancashiregroup.com .

 

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 15:45 GMT on 28 March 2025.

 

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

 

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

Lancashire Holdings Limited

(the "Company")

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

The Company announces that, on 21 March 2025, Alex Maloney, Executive Director and Group Chief Executive Officer, exercised 349,070 Restricted Share Awards ("RSS awards") granted as nil-cost options over the Company's common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Performance Awards and Bonus Deferral Plan.

Mr. Maloney sold 171,526 of the resulting shares at the price shown below to cover the tax, national insurance and fees arising as a result of the exercise and retained the balance of 177,544 shares. The exercise was satisfied using existing shares in issue held by the Lancashire Holdings Limited Employee Benefit Trust.

Following this transaction, Mr. Maloney has an interest in the Company of 1,047,505 common shares (which includes 181,819 shares held via a connected person), representing 0.4293%.

The notification made in accordance with the requirements of UK MAR, provides further detail:

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alex Maloney

2

Reason for the notification

a)

Position/status

Executive Director and Group Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Lancashire Holdings Limited

b)

LEI

 5493002UNUYXLHOWF752

4(i)

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

(i)                  Acquisition of shares on exercise of 349,070 Restricted Share Awards ("RSS awards") granted as nil-cost options over common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Performance Awards and Bonus Deferral Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

349,070 shares acquired on exercise of RSS awards

d)

Aggregated information

-          Aggregated volume

-          Price

 

349,070

Nil

e)

Date of the transaction

 2025-03-21

f)

Place of the transaction

 (XLON) London Stock Exchange - Regulated Market

4(ii)

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

(ii)               Sale of 171,526 shares to cover tax liabilities and fees on exercise of 349,070 Restricted Share Awards ("RSS awards") granted as nil-cost options over common shares of US$0.50 each

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 £5.49848116

 171,526 shares sold to cover tax liabilities

d)

Aggregated information

-          Aggregated volume

-          Price

 

171,526

£943,132.48

e)

Date of the transaction

 2025-03-21

f)

Place of the transaction

 (XLON) London Stock Exchange - Regulated Market

 

Name of authorised official of issuer for making notification

Christopher Head

Company Secretary

24 March 2025

 

chris.head@lancashiregroup.com

 

 

Lancashire Holdings Limited

(the "Company")

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

The Company announces that, on 21 March 2025, Paul Gregory, Executive Director and Group Chief Underwriting Officer, exercised 267,923 Restricted Share Awards ("RSS awards") granted as nil-cost options over the Company's common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Performance Awards and Bonus Deferral Plan.

Mr. Gregory sold 131,652 of the resulting shares at the price shown below to cover the tax, national insurance and fees arising as a result of the exercise and retained the balance of 136,271 shares. The exercise was satisfied using existing shares in issue held by the Lancashire Holdings Limited Employee Benefit Trust.

Following this transaction, Mr. Gregory has an interest in the Company of 649,819 common shares (which includes 458,575 shares held via a connected person), representing 0.2663%.

The notification made in accordance with the requirements of UK MAR, provides further detail:

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Paul Gregory

2

Reason for the notification

a)

Position/status

Executive Director and Group Chief Underwriting Officer

b)

Initial notification/Amendment

Initial notification

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Lancashire Holdings Limited

b)

LEI

 5493002UNUYXLHOWF752

4(i)

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

(i)                  Acquisition of shares on exercise of 267,923 Restricted Share Awards ("RSS awards") granted as nil-cost options over common shares of US$0.50 each. These RSS awards were granted under the LHL Restricted Share Scheme Performance Awards and Bonus Deferral Plan.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

267,923 shares acquired on exercise of RSS awards

d)

Aggregated information

-          Aggregated volume

-          Price

 

267,923

Nil

e)

Date of the transaction

 2025-03-21

f)

Place of the transaction

 (XLON) London Stock Exchange - Regulated Market

4(ii)

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

(ii)               Sale of 131,652 shares to cover tax liabilities and fees on exercise of 267,923 Restricted Share Awards ("RSS awards") granted as nil-cost options over common shares of US$0.50 each

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 £5.538923

 131,652 shares sold to cover tax liabilities

d)

Aggregated information

-          Aggregated volume

-          Price

 

131,652

£729,210.29

e)

Date of the transaction

 2025-03-21

f)

Place of the transaction

 (XLON) London Stock Exchange - Regulated Market

 

Name of authorised official of issuer for making notification

Christopher Head

Company Secretary

24 March 2025

chris.head@lancashiregroup.com

 

 

LANCASHIRE HOLDINGS LIMITED

 

21 March 2025

Hamilton, Bermuda

 

 Notice of Q1 2025 Trading Statement and Conference Call

Lancashire Holdings Limited (“Lancashire” or “the Company”) will be announcing its 2025 first quarter trading statement at 7:00am UK time on Thursday 1 May 2025 and hosting an analyst and investor conference call at 1:00pm UK time / 8:00am EDT on Thursday 1 May 2025. The conference call will be hosted by Lancashire management.

Please note that conference call participants are required to register in advance to access either the audio conference call or webcast. The full registration and access details are set out below.

 

Participant Registration and Access Information:

 

 

Audio conference call access:

https://emportal.ink/3RkdN4s

 

 

Please register at this link to obtain your personal audio conference pin and call details

 

 

Webcast access:

https://onlinexperiences.com/Launch/QReg/ShowUUID=D1D7C814-FC11-402A-82B1-57276119D861

 

Please use this link to register and access the call via webcast

 

A webcast replay facility will be available for 12 months and accessible at:

 

https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html  

For further information, please contact:

Lancashire Holdings Limited

Christopher Head

 

chris.head@lancashiregroup.com

 

Jelena Bjelanovic

 

jelena.bjelanovic@lancashiregroup.com

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority (“BMA”) is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 GMT on 21 March 2025.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

 

Lancashire Holdings Limited

(the “Company”) or (“LHL”)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

The Company announces that, on 13 March 2025, Restricted Share Awards (“RSS awards”) were granted as nil-cost options over common shares of US$0.50 each under the LHL Restricted Share Scheme as both Long Term Incentive Performance RSS Awards and Deferred Annual Bonus RSS Awards to Alex Maloney, Executive Director and Group Chief Executive Officer, Natalie Kershaw, Executive Director and Group Chief Financial Officer and Paul Gregory, Executive Director and Group Chief Underwriting Officer.

Mr. Maloney was granted 651,392 RSS awards as nil-cost options over the Company’s common shares of US$0.50 each. Of these RSS awards, 512,108 were granted as Long Term Incentive Performance RSS Awards* and 139,284 were granted as Deferred Annual Bonus RSS Awards**.

Ms. Kershaw was granted 355,490 RSS awards as nil-cost options over the Company’s common shares of US$0.50 each. Of these RSS awards 264,085 were granted as Long Term Incentive Performance RSS Awards* and 91,405 were granted as Deferred Annual Bonus RSS Awards**.

Mr Gregory was granted 481,862 RSS awards as nil-cost options over the Company’s common shares of US$0.50 each. Of these RSS awards, 365,792 were granted as Long Term Incentive Performance RSS Awards* and 116,070 were granted as Deferred Annual Bonus RSS Awards**.

* In accordance with the LHL Restricted Share Scheme rules, in the normal course of events the 2025 Long Term Incentive Performance RSS Awards will vest in 2028 to the extent that the Performance Conditions (measured over a three-year performance period ending 31 December 2027) have been satisfied and provided the Award holder remains employed by a Group Member on the date of vesting.

** In accordance with the LHL Restricted Share Scheme rules, exercise of the 2024 Deferred Annual Bonus RSS Awards may occur over the relevant vested awards at such point as the Award holder selects, up to the 10th anniversary of the date of grant. Subject to the vesting conditions, each Deferred Annual Bonus RSS Award will vest in three equal tranches.  Vested awards may only be exercised in “open periods”. It is anticipated that the first open period following the normal vesting date will commence following the release of the Company’s 2025 financial statements in the case of the first tranche, following the release of the Company’s 2026 financial statements in the case of the second tranche, and following the release of the Company’s 2027 financial statements in the case of the third tranche.

The notification below, made in accordance with the requirements of UK MAR, provides further detail:

 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Alex Maloney 2 Reason for the notification a) Position/status Executive Director and Group Chief Executive Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Lancashire Holdings Limited b) LEI 5493002UNUYXLHOWF752 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrumentIdentification code

Nil-cost options over Common Shares of US$0.50 each

ISIN: BMG5361W1047

b) Nature of the transaction Grant of 651,392 RSS awards granted as nil-cost options over common shares of US$0.50 each, of which 512,108 were granted as Long Term Incentive Performance RSS Awards and 139,284 were granted as Deferred Annual Bonus RSS Awards   c) Price(s) and volume(s) Price(s) Volume(s) Nil 512,108 Nil  139,284 d) Aggregated information Aggregated volume Price

651,392

NIL

e) Date of the transaction 2025-03-13 f) Place of the transaction Outside a trading venue

 

 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Natalie Kershaw 2 Reason for the notification a) Position/status Executive Director and Group Chief Financial Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Lancashire Holdings Limited b) LEI 5493002UNUYXLHOWF752 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrumentIdentification code

Nil-cost options over Common Shares of US$0.50 each

ISIN: BMG5361W1047

b) Nature of the transaction Grant of 355,490 awards granted as nil-cost options over common shares of US$0.50 each, of which 264,085 were granted as Long Term Incentive Performance RSS Awards and 91,405 were granted as Deferred Annual Bonus RSS Awards c) Price(s) and volume(s) Price(s) Volume(s) Nil 264,085 Nil 91,405 d) Aggregated information Aggregated volume Price

355,490

NIL

e) Date of the transaction 2025-03-13 f) Place of the transaction Outside a trading venue

 

 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Paul Gregory 2 Reason for the notification a) Position/status Executive Director and Group Chief Underwriting Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Lancashire Holdings Limited b) LEI 5493002UNUYXLHOWF752 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrumentIdentification code

Nil-cost options over Common Shares of US$0.50 each

ISIN: BMG5361W1047

b) Nature of the transaction  Grant of 481,862 awards granted as nil-cost options over common shares of US$0.50 each, of which 365,792 were granted as Long Term Incentive Performance RSS Awards and 116,070 were granted as Deferred Annual Bonus RSS Awards c) Price(s) and volume(s) Price(s) Volume(s) Nil 365,792 Nil 116,070 d) Aggregated information Aggregated volume Price

481,862

NIL

e) Date of the transaction 2025-03-13

LANCASHIRE HOLDINGS LIMITED

6 March 2025

Hamilton, Bermuda

Board Committee Changes

Lancashire Holdings Limited announces that the Board has approved the following appointments, with effect from 5 March 2025:

Nathalie Rachou, a Non-Executive Director since 5 November 2024, has been appointed as a member of both the Audit Committee and the Investment Committee; Linda Ventresca, a Non-Executive Director since 7 August 2024, has been appointed as a member of the Remuneration Committee; Bob Cox, a Non-Executive Director since 1 January 2025, has been appointed as a member of the Underwriting and Underwriting Risk Committee; and Matthew Narbett, Deputy Group Chief Underwriting Officer (non-Director), has been appointed as a member of the Underwriting and Underwriting Risk Committee.

In addition, Nathalie Rachou is expected to assume the role of Chair of the Investment Committee immediately following the Company's Annual General Meeting to be held on 30 April 2025.

For further information, please contact:

Lancashire Holdings Limited

Christopher Head

+44 20 7264 4145

chris.head@lancashiregroup.com

Jelena Bjelanovic

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire's website at www.lancashiregroup.com.

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:05 GMT on 6 March 2025.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

LANCASHIRE HOLDINGS LIMITED 

EXCELLENT 2024 PERFORMANCE, DRIVEN BY STRONG UNDERWRITING AND INVESTMENT RETURNS

6 March 2025

Hamilton, Bermuda

Lancashire Holdings Limited (“Lancashire” or “the Group”) today announces its results for the year ended 31 December 2024.

Highlights:

Profit after tax of $321.3 million, resulting in a change in DBVS of 23.4%. Gross premiums written increased 11.3% year-on-year to $2,149.6 million. Insurance revenue increased 16.1% year-on-year to $1,765.1 million. Insurance service result of $379.9 million, discounted combined ratio of 80.0%, undiscounted combined ratio of 89.1%. Total investment return of 5.0%, including unrealised gains and losses. Total dividends with respect to 2024 of $294.3 million, including final ordinary dividend of $0.15 per share, subject to shareholder approval, and additional special dividend of $0.25 per share.

For the year ended 31 December 2024 31 December 2023 $m $m Highlights Gross premiums written1 2,149.6 1,931.7 Insurance revenue 1,765.1 1,519.9 Insurance service result 379.9 382.1 Net investment return 162.2 160.5 Profit after tax 321.3 321.5 Financial ratios Net insurance ratio1 71.3% 65.1% Combined ratio (discounted)1 80.0% 74.9% Combined ratio (undiscounted)1 89.1% 82.6% Total investment return1 5.0% 5.7% Per Share data Diluted book value per share1 $6.03 $6.17 Change in diluted book value per share ("ROE")1 23.4% 24.7% Dividends per common share paid in the financial year $1.475 $0.65 Diluted earnings per share $1.30 $1.32

1. Please refer to the end of this release for details of how these Alternative Performance Measures (APMs) are calculated. 

Alex Maloney, Group Chief Executive Officer, commented

“2024 was another superb year for Lancashire with an excellent profit after tax of $321.3 million delivering a strong return on equity of 23.4%. 

In a year of high industry losses this is an outstanding result. It shows the continued successful execution of our strategy to grow materially at the right time in the underwriting cycle, utilise our capital more efficiently, diversify our portfolio to reduce volatility, and retain and attract the best talent. 

Throughout 2024, we continued to take advantage of the healthy margin environment. Gross premiums written increased by 11.3% to more than $2.1 billion and insurance revenue was $1.7 billion, an increase of 16.1% on 2023.

As a result, we delivered an excellent underwriting return, with an insurance service result of $379.9 million and a combined ratio of 89.1% (80.0% discounted), underpinned by our robust and disciplined underwriting approach.

Also contributing to our strong performance was our investment portfolio, which returned a very healthy 5% for the year.

Our overall performance enabled us to deliver increased returns for our investors with total capital returned of $354.2 million during the year. 

Additionally, the Board has declared a total year-end dividend of $0.40, comprising a final ordinary dividend of $0.15 per common share, subject to shareholder approval, and a special dividend of $0.25 per common share.

Returning excess capital generated to our shareholders has always been a core part of Lancashire’s DNA and, importantly, we remain extremely well capitalised to fund future growth opportunities.

In 2024, we continued to deploy our strategy that has seen us more than double the number of product classes that we write since 2018 giving us access to more of these opportunities in a compelling market where margins remain strong.

Demand also remains resilient as 2024 was another year of high industry losses and our clients and business partners continue to see value in our specialised (re)insurance solutions.

Lancashire experienced net losses (undiscounted, including reinstatement premiums) from catastrophe, weather and large loss events totalling $214.1 million. This included the impacts of hurricanes Milton, Helene, and Debby, storm Boris and the Calgary hailstorms. The MV Dali Baltimore bridge collision was the most significant large risk event. 

We have achieved the results we are reporting today due to the hard work of everybody in the Group and their belief in our strategy and vision. I would like to thank them all for their commitment to the business and for playing their part in driving forward our strong and positive culture.

Early in 2025, we have seen the terrible devastation wrought by the wildfires in California on those communities. As recently announced, for Lancashire, the impact is expected to be within the range $145 million to $165 million.

With a similar level of catastrophe and large losses as 2024, in addition to the wildfire loss, we would anticipate delivering an RoE in the mid-teens in 2025. Whilst this assumes a significantly above average loss environment, our guidance clearly demonstrates the continued delivery of our strategy of more predictable returns for investors.

As always, I would like to thank our clients, their brokers, our shareholders and other stakeholders for their support. 

In 2025, Lancashire is celebrating its 20th anniversary and, while we look back with pride on our achievements and how the business has evolved, we also look forward with confidence to the opportunities to develop this fantastic company further."

Underwriting results

For the year ended 31 December 2024 31 December 2023 Reinsurance $m  Insurance $m Total  $m Reinsurance $m  Insurance $m Total  $m Gross premiums written        1,097.8      1,051.8      2,149.6          967.5         964.2      1,931.7 RPI 101% 101% 101% 122% 110% 115% Insurance revenue           855.1         910.0      1,765.1          714.9         805.0      1,519.9 Insurance service expenses          (420.0)        (766.1)     (1,186.1)         (254.2)        (442.0)        (696.2) Insurance service result before reinsurance contracts held           435.1         143.9         579.0          460.7         363.0         823.7 Allocation of reinsurance premium          (168.2)        (271.2)        (439.4)         (174.6)        (250.2)        (424.8) Amounts recoverable from reinsurers              (2.8)         243.1

 

LANCASHIRE HOLDINGS LIMITED

13 February 2025

Hamilton, Bermuda

Loss estimate relating to California wildfires

Lancashire Holdings Limited (the "Company" or "Lancashire") today announces that it estimates its aggregate net ultimate losses relating to the wildfires in California, which occurred in January 2025, in the range of $145 million to $165 million. This estimate falls within the Company's modelled loss ranges for this type of catastrophe event.

This estimate is undiscounted, after anticipated recoveries from Lancashire's outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.

Alex Maloney, Group Chief Executive Officer, commented: "Our thoughts are with all those affected by the recent wildfires which wrought such devastation in California. Events like this show the value of (re)insurance products in both offering protection and in supporting people as they rebuild their lives.

Given our strong earnings performance and capital generation in 2024 Lancashire remains extremely well capitalised to achieve its strategic ambitions. In addition, the aggregate reinsurance cover the Company has in place to protect against the frequency of large catastrophe events should allow Lancashire to deliver an attractive return for shareholders in 2025.

We will provide a further update on our position regarding these losses, and further guidance for 2025, as part of the announcement of our results for the full year ended 31 December 2024 on 6 March 2025."

Lancashire's preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advices, limited client loss data and modelled loss projections.

As additional information emerges, the Company's actual ultimate loss may vary from the preliminary estimate announced.

See further the "Note Regarding Forward-Looking Statements" below.

For further information, please contact:

Lancashire Holdings Limited

Christopher Head

chris.head@lancashiregroup.com

Jelena Bjelanovic

jelena.bjelanovic@lancashiregroup.com

 

 

 About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority ("BMA") is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire's website at www.lancashiregroup.com.

 

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 GMT on 13 February 2025.

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS "BELIEVES", "AIMS", "ANTICIPATES", "PLANS", "PROJECTS", "FORECASTS", "GUIDANCE", "INTENDS", "EXPECTS", "ESTIMATES", "PREDICTS", "MAY", "CAN", "LIKELY", "WILL", "SEEKS", "SHOULD", OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR A DESCRIPTION OF SOME OF THESE FACTORS, SEE THE GROUP'S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023, THE GROUP'S UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2024 AND THE GROUP'S TRADING STATEMENT RELEASED ON 6 NOVEMBER 2024. PROSPECTIVE INVESTORS SHOULD SPECIFICALLY CONSIDER THE FACTORS IDENTIFIED IN THIS RELEASE AND THE REPORT AND ACCOUNTS AND RELEASE NOTED ABOVE WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER BEFORE MAKING AN INVESTMENT DECISION.

ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

LANCASHIRE HOLDINGS LIMITED

 

22 January 2025

Hamilton, Bermuda

 

 Notice of Q4 2024 Earnings Release and Conference Call

Lancashire Holdings Limited (“Lancashire” or “the Company”) will be announcing its 2024 fourth quarter earnings release at 07:00 GMT on Thursday 6 March 2025 and hosting an analyst and investor conference call at 13:00 GMT / 08:00am EST on Thursday 6 March 2025. The conference call will be hosted by Lancashire management.

Please note that conference call participants are required to register in advance to access either the audio conference call or webcast. The full registration and access details are set out below.

 

Participant Registration and Access Information:

 

Audio conference

call access:

https://emportal.ink/4jjReKi

 

Please register at this link to obtain your personal audio conference pin and call details

 

 

Webcast access:

https://onlinexperiences.com/Launch/QReg/ShowUUID=FA3FEF89-663A-441D-998A-ABA12532AC00

 

 

Please use this link to register and access the call via webcast

 

A webcast replay facility will be available for 12 months and accessible at:

https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html

 

For further information, please contact:

 

Lancashire Holdings Limited

 

Christopher Head

+44 20 7264 4145

chris.head@lancashiregroup.com

 

Jelena Bjelanovic

 

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority (“BMA”) is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 GMT on 22 January 2025.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

 

 

LANCASHIRE HOLDINGS LIMITED

 

31 December 2024

Hamilton, Bermuda

 

Director Notification

 

In compliance with Listing Rule 6.4.9(2), Lancashire Holdings Limited ("Lancashire" or the "Company") announces that Irene McDermott Brown has informed the Company that she has been appointed as a Non-Executive Director for IntegraFin Holdings plc (listed on the London Stock Exchange). The appointment will take effect from 1 January 2025.

 

 

For further information, please contact:

 

Lancashire Holdings Limited

Christopher Head

 

+44 20 7264 4145

chris.head@lancashiregroup.com

Jelena Bjelanovic

 

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

 

Lancashire's common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

 

For more information, please visit Lancashire's website at www.lancashiregroup.com .

 

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:30 GMT on 31 December 2024.

 

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

 

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

Lancashire Holdings Limited

(the "Company") or ("LHL")

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

 

17 December 2024

Hamilton, Bermuda

The Company announces that on 13 December 2024, Philip Broadley, Non-Executive Director and Chair of the Board of Directors, purchased 4,415 common shares of US$0.50 each in the Company at £6.796112 per share.

Following this transaction, Philip Broadley has an interest in the Company of 51,615 common shares, representing 0.0212% of the Total Voting Rights in the Company.

The notification below, made in accordance with the requirements of UK MAR, provides further detail:

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Philip Broadley

2

Reason for the notification

a)

Position/status

Non-Executive Director and Chair of the Board of Directors

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Lancashire Holdings Limited

b)

LEI

5493002UNUYXLHOWF752

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

 Purchase of common shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

  £6.796112

4,415

 

 

d)

Aggregated information

-          Aggregated volume

-          Price

 

4,415

 £30,004.83

e)

Date of the transaction

2024-12-13

f)

Place of the transaction

(XLON) London Stock Exchange

 

Name of authorised official of issuer for making notification

Christopher Head

Company Secretary

17 December 2024

+44 20 7264 4145

chris.head@lancashiregroup.com

 

 

LANCASHIRE HOLDINGS LIMITED

6 November 2024

Hamilton, Bermuda

Lancashire Holdings Limited (“Lancashire” or “the Group”) today announces its trading statement for the nine months ended 30 September 2024.

Trading statement highlights

Gross premiums written increased by 9.0% year-on-year to $1.7 billion, insurance revenue increased by 16.8% year-on-year to $1.3 billion. Net losses relating to recent weather events expected to be between $110 million to $140 million. Total investment return of 5.0%, including unrealised gains and losses. Special dividend of 75 cents per common share, or $180 million, following a strong operating performance year-to-date. Guidance: ROE for the year affirmed, combined ratio expected at higher end of range.

Alex Maloney, Group Chief Executive Officer, commented:

“I am pleased to report that Lancashire is in excellent shape as we approach the final months of 2024.

Over the past few years, we have successfully made our business more resilient to withstand volatility and deliver more sustainable returns for investors. We expect to deliver in line with our ROE guidance for the year.

In terms of gross premiums written in the first nine months of 2024, Lancashire continued to grow ahead of rate increasing premiums by 9% to $1.7 billion.

The devastation caused by the recent weather events in the U.S. and other catastrophes has been tragic and our thoughts are with all those affected. Instances like these show the value of (re)insurance products in supporting communities to help them rebuild after major catastrophe events.

In the year-to-date, the industry has seen an elevated catastrophe and risk loss environment, but we still expect our undiscounted combined ratio to be at the higher end of our range for the full year. This is testament to our diversification strategy, and the quality of the business we have written. Our estimated ultimate net losses incurred in relation to recent weather events including hurricanes Milton, which occurred in the fourth quarter, Helene, Debby and storm Boris, and the Calgary hailstorms, are expected to be in the range of $110 million to $140 million.

Our strong underwriting results during the period have continued to be supported by our growing investment portfolio, which has now reached $3.2 billion, and has delivered a healthy return of 5% for the year to date.

Following our strong operating performance, I am pleased to announce the approval of a special dividend of 75 cents per share, which will result in an aggregate payment of approximately $180 million. We continue to hold an extremely robust capital position to underwrite the growth opportunities we expect to see in 2025.

Lancashire’s long-term strategy has always been to actively manage the market cycle and deliver strong profitability by taking advantage of opportunities in positive underwriting conditions. We will continue to do that during the remainder of 2024 and into 2025. We have talented and fully-committed teams across our Group and our strong balance sheet and capital base give us added confidence in our ability to drive the business forward.

I would like to thank all my colleagues at Lancashire for their hard work so far this year and all our stakeholders for their continued support.”

Business update

Gross premiums written and insurance revenue

Nine months ended 30 September 2024 30 September 2023 Change Change RPI $m $m $m % % Reinsurance                941.2                837.7                103.5 12.4% 101%  Insurance                758.8                722.2                  36.6 5.1%  102%  Gross premiums written             1,700.0             1,559.9                140.1 9.0% 102% Reinsurance                629.3                521.7                107.6 20.6% Insurance                668.7                589.5                  79.2 13.4% Insurance revenue             1,298.0             1,111.2                186.8 16.8%

Gross premiums written

Gross premiums written increased by $140.1 million, or 9.0%, in the first nine months of 2024 compared to the same period in 2023. The most significant driver of growth in the reinsurance segment was new business in the property reinsurance and specialty reinsurance classes. The property insurance portfolio was the main driver of growth within the insurance segment with new business coming through from the Lancashire U.S. and Lancashire Australia distribution channels.

Insurance revenue

Insurance revenue increased by $186.8 million, or 16.8%, in the first nine months of 2024 compared to the same period in 2023. Growth was more significant for insurance revenue than for gross premiums written due to the recognition of earnings coming through from prior years.

Loss environment

During an active third quarter for catastrophe loss events, the Group had exposure to losses in respect of hurricanes Helene and Debby, the Calgary hailstorm, and storm Boris. These events were then followed by hurricane Milton in October. The estimated ultimate net losses incurred in respect of all these weather events (undiscounted, including reinstatement premiums) is expected to be within the range of $110 million to $140 million. Loss information after these types of events can take some time to emerge. As additional information becomes available, the Group’s actual ultimate net losses may vary, perhaps materially, from current estimates.

During the first nine months of 2024, the Group also experienced net losses (undiscounted, including reinstatement premiums) from large risk events totaling $72.8 million. None of these were individually material for the Group, with the MV Dali Baltimore bridge collision loss being the most significant.

Investments

As at 30 September 2024 30 September 2023 Duration 1.9 years 1.6 years Credit quality AA- AA- Book yield 4.8% 3.9% Market yield 4.7% 5.8% Managed investments ($m) $3,207.2 $2,661.4

The Group’s investment portfolio, including unrealised gains and losses, returned 5.0% for the first nine months of 2024. The positive returns were driven by investment income as our portfolio benefited from higher yields in conjunction with higher prices from falling treasury rates and modest tightening of investment grade credit spreads. Additionally, our bank loans and private investment funds had strong returns.

Dividends

Lancashire’s Board of Directors has declared a special dividend of 75 cents per common share (approximately 58 pence per common share at the current exchange rate), which will result in an aggregate payment of approximately $180 million. The dividend will be paid in Pounds Sterling on 13 December 2024 (the “Dividend Payment Date”) to shareholders of record on 15 November 2024 (the “Record Date”) using the £ / $ spot market exchange rate at 12 noon London time on the Record Date. Shareholders interested in participating in the dividend reinvestment plan (“DRIP”), or other services including international payment, are encouraged to contact the Group’s registrars, Link Asset Services, for more details.

Analyst and Investor Conference Call

There will be an analyst and investor conference call on the trading statement at 1:00pm UK time / 9:00am Bermuda time / 8:00am EST on Wednesday 6 November 2024. The conference call will be hosted by Lancashire management and a presentation will be made available on the Group’s website prior to the call.

Participant Access

Please note that conference call participants are required to register in advance to access either the audio conference call or webcast, the full registration and access details are set out below. 

Audio access: https://pinconnect.conferenceconsole.com/PINConf?597807ca-0904-47f0-bcaa-97da20a88925 Please register to obtain your personal audio conference pin and call details. Webcast access: https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=6D975C29-0458-41DA-94CA-72041590C2B1 Please use this link to register and access the call via webcast.

A webcast replay facility will be available for 12 months and accessible at: https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html

Contact information  

Lancashire Holdings Limited Christopher Head

+44 20 7264 4145

chris.head@lancashiregroup.com

Jelena Bjelanovic

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

FTI Consulting    +44 20 37271046   Edward Berry Edward.Berry@FTIConsulting.com Tom Blackwell Tom.Blackwell@FTIConsulting.com

About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

NOTE REGARDING RPI METHODOLOGY:

THE RENEWAL PRICE INDEX (“RPI”) IS AN INTERNAL METHODOLOGY THAT MANAGEMENT USES TO TRACK TRENDS IN PREMIUM RATES OF A PORTFOLIO OF INSURANCE AND REINSURANCE CONTRACTS. THE RPI WRITTEN IN THE RESPECTIVE SEGMENTS IS CALCULATED ON A PER CONTRACT BASIS AND REFLECTS MANAGEMENT’S ASSESSMENT OF RELATIVE CHANGES IN PRICE, TERMS, CONDITIONS AND LIMITS AND IS WEIGHTED BY PREMIUM VOLUME. THE RPI DOES NOT INCLUDE NEW BUSINESS, TO OFFER A CONSISTENT BASIS FOR ANALYSIS. THE CALCULATION INVOLVES A DEGREE OF JUDGEMENT IN RELATION TO COMPARABILITY OF CONTRACTS AND THE ASSESSMENT NOTED ABOVE. TO ENHANCE THE RPI METHODOLOGY, MANAGEMENT MAY REVISE THE METHODOLOGY AND ASSUMPTIONS UNDERLYING THE RPI, SO THE TRENDS IN PREMIUM RATES REFLECTED IN THE RPI MAY NOT BE COMPARABLE OVER TIME. CONSIDERATION IS ONLY GIVEN TO RENEWALS OF A COMPARABLE NATURE SO IT DOES NOT REFLECT EVERY CONTRACT IN THE PORTFOLIO OF CONTRACTS. THE FUTURE PROFITABILITY OF THE PORTFOLIO OF CONTRACTS WITHIN THE RPI IS DEPENDENT UPON MANY FACTORS BESIDES THE TRENDS IN PREMIUM RATES.

NOTE REGARDING ALTERNATIVE PERFORMANCE MEASURES:

THE GROUP USES ALTERNATIVE PERFORMANCE MEASURES TO HELP EXPLAIN BUSINESS PERFORMANCE AND FINANCIAL POSITION. THESE MEASURES HAVE BEEN CALCULATED CONSISTENTLY WITH THOSE AS DISCLOSED IN THE GROUP’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 AND THE GROUP’S UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDING 30 JUNE 2024.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS “BELIEVES”, “AIMS”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR A DESCRIPTION OF SOME OF THESE FACTORS, SEE THE GROUP’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 AND THE GROUP’S UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL

STATEMENTS FOR THE SIX MONTHS ENDING 30 JUNE 2024. IN ADDITION TO THOSE FACTORS CONTAINED IN THE GROUP’S 2023 ANNUAL REPORT AND ACCOUNTS AND THE GROUP’S UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDING 30 JUNE 2024, ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS RELEASE MAY BE AFFECTED BY: THE ACTUAL DEVELOPMENT OF LOSSES AND EXPENSES IMPACTING ESTIMATES FOR CLAIMS WHICH ARISE AS A RESULT OF HURRICANE MILTON (WHICH OCCURRED IN OCTOBER 2024), HURRICANES DEBBY AND HELENE, THE CALGARY HAILSTORMS AND EUROPEAN STORM BORIS (WHICH OCCURRED IN THE SECOND QUARTER OF 2024), THE IMPACT OF THE COLLAPSE OF THE FRANCIS SCOTT KEY BRIDGE IN BALTIMORE WHICH OCCURRED IN THE FIRST QUARTER OF 2024; AND THE FURTHER ESCALATION OF HOSTILITIES IN THE MIDDLE EAST AND ITS IMPACT ON THE STABILITY OF THE REGION, GLOBAL SUPPLY ROUTES AND INSURANCE AND FINANCIAL MARKETS. ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE OR OTHERWISE SPEA

LANCASHIRE HOLDINGS LIMITED

6 November 2024

Hamilton, Bermuda

Non-Executive Director appointments and Board succession planning

Lancashire Holdings Limited (the “Company”) is pleased to announce the appointment of two new Non-Executive Directors.  Nathalie Rachou has joined the Company’s Board with effect from 5 November 2024, and Bob Cox has accepted an appointment to join the Board, to take effect on 1 January 2025. The Company has also announced details of Board succession planning for its 2025 AGM.               Details of these individuals are set out below.

Nathalie RachouNathalie Rachou has strong asset management and capital markets experience, with commercial and financial expertise across several sectors including as a senior manager and entrepreneur.  She holds directorships on the boards of UBS Group AG and Euronext NV. She has previously served on the boards of Veolia Environnement, Laird Group plc, Altran SA, and Société Générale.

Nathalie Rachou worked at Banque Indosuez and Crédit Agricole Indosuez from 1978 until 1999, where she gained experience in a number of senior roles.  In 1999, Ms Rachou founded Topiary Finance Ltd, an asset management company based in London, serving as CEO until its merger with Rouvier Associés in 2015.  She served as a senior advisor at Rouvier Associés-Clartan until 2020. Bob Cox

Bob Cox is an experienced insurance underwriter and senior manager with experience of the US and international insurance markets.  He joined Markel in 2018 as President and Chief Operating Officer, Insurance Operations and stepped down from that role in December 2023.  During his tenure, Mr Cox oversaw Markel's global insurance operations, including its specialty and international divisions.

Prior to joining Markel, Mr Cox served in a number of leadership positions within Chubb Specialty Insurance, including roles as Chief Underwriting Officer and later as the Chief Operating Officer. Earlier in his career at Chubb he specialised as an underwriter in directors and officers and errors and omissions lines.  He has extensive experience of insuring financial institutions and in US and international casualty lines.Other Board succession plans

Rob Lusardi and Michael Dawson have each served as Non-Executive Directors on the Lancashire Board for over eight years. In accordance with recommended UK governance practice, both Mr. Lusardi and Mr. Dawson have decided not to submit themselves for re-election and to step down as Directors at the 2025 AGM, which is planned for the 30th April 2025. 

Philip Broadley, Lancashire’s Chair, said:

“The Board is delighted to welcome both Nathalie and Bob as directors. These are important appointments in our long term succession planning for the business. 

Nathalie’s knowledge of asset management and the operation of international capital markets will further enrich our Board’s skills.  In addition to her expertise as a chief executive, entrepreneur and business founder, she has extensive experience of governance as a director on several boards operating on both the UK and other international listed markets. Bob brings invaluable US and international insurance market experience with first-hand knowledge as a senior manager and underwriter.  In particular his expertise will help the Board in the development of the Group’s casualty reinsurance and insurance lines and in supporting the Group’s newly established US platform, which commenced underwriting earlier in 2024.Importantly, Alex Maloney and our leadership team will welcome the skills and experience which Nathalie and Bob bring to our Board at this exciting time for our business.Rob Lusardi and Michael Dawson will continue to serve as Directors until our 2025 AGM. So, whilst we are not yet bidding them farewell, my thanks go to them for facilitating our Board succession planning.”

Lancashire has been notified that there are no further details required to be disclosed with respect to the appointments of Ms Rachou and Mr Cox pursuant to paragraph 6.4.8R of the Listing Rules.

Lancashire also today announces that Linda Ventresca, Non-Executive Director, has been appointed as a member of the Audit Committee and Investment Committee.

For further information, please contact:

Lancashire Holdings Limited

Christopher Head

+44 20 7264 4145

chris.head@lancashiregroup.com

Jelena Bjelanovic

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority (“BMA”) is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

This release contains information which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00am GMT on 6th November 2024.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION.  LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.  ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

LANCASHIRE HOLDINGS LIMITED

 

26 September 2024

Hamilton, Bermuda

 

 Notice of Q3 2024 Trading Statement and Conference Call

Lancashire Holdings Limited (“Lancashire” or “the Company”) will be announcing its 2024 third quarter trading statement at 07:00 GMT on Wednesday 6 November and hosting an analyst and investor conference call at 13:00 GMT / 08:00am EST on Wednesday 6 November 2024. The conference call will be hosted by Lancashire management.

Please note that conference call participants are required to register in advance to access either the audio conference call or webcast, the full registration and access details are set out below.

 

Participant Registration and Access Information:

 

Audio conference

call access:

https://emportal.ink/3ziSZoA

 

Please register at this link to obtain your personal audio conference pin and call details

 

 

Webcast access:

https://onlinexperiences.com/Launch/QReg/ShowUUID=6D975C29-0458-41DA-94CA-72041590C2B1

 

 

Please use this link to register and access the call via webcast

 

A webcast replay facility will be available for 12 months and accessible at:

https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html

 

For further information, please contact:

 

Lancashire Holdings Limited

 

Christopher Head

+44 20 7264 4145

chris.head@lancashiregroup.com

 

Jelena Bjelanovic

 

+44 20 7264 4066

jelena.bjelanovic@lancashiregroup.com

 

 

About Lancashire

 

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority (“BMA”) is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

This release contains information, which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 15:35 BST on 26 September 2024.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

 

Lancashire Holdings Limited

(the "Company") or ("LHL")

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

 

2 September 2024

Hamilton, Bermuda

The Company announces that on 29 August 2024 Bryan Joseph, Non-Executive Director, purchased 7,370 common shares of US$0.50 each in the Company at £6.7840 per share.

Following this transaction, Bryan Joseph has an interest in the Company of 12,246 common shares, representing 0.005% of the Total Voting Rights in the Company.

The notification below, made in accordance with the requirements of UK MAR, provides further detail:

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Bryan Joseph

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Lancashire Holdings Limited

b)

LEI

5493002UNUYXLHOWF752

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

 Purchase of common shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

  £6.7840

 7,370.00

d)

Aggregated information

-          Aggregated volume

-          Price

 

7,370.00

£49,998.08

e)

Date of the transaction

2024-08-29

f)

Place of the transaction

(XLON) London Stock Exchange

 

Name of authorised official of issuer for making notification

Christopher Head

Company Secretary

2 September 2024

 

+44 20 7264 4145

chris.head@lancashiregroup.com

 

 

Lancashire Holdings Limited

(the "Company") or ("LHL")

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

 

9 August 2024

Hamilton, Bermuda

The Company announces that on 8 August 2024 Michael Dawson, Non-Executive Director, purchased 10,000 common shares of US$0.50 each in the Company at £6.10 per share. The shares are held beneficially for Michael Dawson in a Self-Invested Pension Plan.

Following this transaction, Michael Dawson has an interest in the Company of 35,000 common shares, representing 0.0143% of the Total Voting Rights in the Company.

The notification below, made in accordance with the requirements of UK MAR, provides further detail:

 1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Michael Dawson

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Lancashire Holdings Limited

b)

LEI

5493002UNUYXLHOWF752

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Common Shares of US$0.50 each

 

ISIN: BMG5361W1047

b)

Nature of the transaction

 Purchase of common shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

  £6.10

10,000

d)

Aggregated information

-          Aggregated volume

-          Price

 

10,000

 £61,000

e)

Date of the transaction

2024-08-08

f)

Place of the transaction

(XLON) London Stock Exchange

 

Name of authorised official of issuer for making notification

Christopher Head

Company Secretary

9 August 2024

+44 20 7264 4145

chris.head@lancashiregroup.com

 

 

LANCASHIRE HOLDINGS LIMITED 

RECORD HALF-YEAR PERFORMANCE WITH EXCELLENT PROFIT GROWTH OF 26% TO $200 MILLION

 

8 August 2024

Hamilton, Bermuda

 

Lancashire Holdings Limited (“Lancashire” or “the Group”) today announces its results for the six months ended 30 June 2024.

 

Highlights:

•         Profit after tax of $200.8 million resulting in a change in DBVS of 14.0%.

•         Gross premiums written increased 8.3% year-on-year to $1,282.2 million. Insurance revenue increased 18.5% year-on-year to $854.1 million.

•         Insurance service result of $222.8 million, discounted combined ratio of 73.0%, undiscounted combined ratio of 82.2%.

•         Total investment return of 2.3%, including unrealised gains and losses.

•         Interim dividend of 7.5 cents per common share.

 

 

For the six months ended

30 June 2024

30 June 2023

 

$m

$m

Highlights

 

 

Gross premiums written1

1,282.2

1,184.0

Insurance revenue

854.1

720.9

Insurance service result

222.8

188.8

Net investment return

75.2

63.2

Profit after tax

200.8

159.2

 

 

 

Financial ratios

 

 

Net insurance ratio1

 65.2%

 62.8%

Combined ratio (discounted)1

 73.0%

 71.4%

Combined ratio (undiscounted)1

 82.2%

 79.2%

Total investment return1

 2.3%

 2.2%

 

 

 

Per Share data

 

 

Diluted book value per share1

$6.35

$6.05

Change in diluted book value per share1

 14.0%

 12.2%

Dividends per common share paid in the financial year to date2

$0.65

$0.10

Diluted earnings per share

$0.82

$0.66

1. Please refer to the end of this release for details of how these Alternative Performance Measures (APMs) are calculated. 

2. Includes special dividend of 50 cents per share paid in April 2024 in respect of the year ended 31 December 2023 financial results.

 

Alex Maloney, Group Chief Executive Officer, commented:

“Lancashire has delivered its best ever half-year performance in the first six months of 2024.

 

This outstanding result demonstrates the continued success of our long-term strategy to manage the market cycle and further strengthen our business through diversification.

 

We have continued to take advantage of favourable market conditions while holding true to our principles of disciplined underwriting and optimised capital allocation.

 

For the first six months of the year, we continued to grow ahead of rate with gross premiums written increasing 8.3% year-on-year and insurance revenue increasing 18.5% to $854.1 million. We have also reported a combined ratio of 73.0% or 82.2% on an undiscounted basis.

 

We have continued to see rates remain positive across our product suite with a Group RPI for the period of 102%. Our strategic focus has always been to adapt to the market cycle and grow the business when the environment is right, while actively managing our capital to support those underwriting opportunities. This includes our new U.S. operation, which has made a fantastic start with an extremely strong team across our underwriting and support functions.

 

The loss environment in the first half of 2024 was relatively active for the industry with significant insured market events including the MV Dali Baltimore bridge collision disaster. None of these events were individually material for the Group and we delivered a strong underwriting performance.

 

Our results have also been supported by our growing investment portfolio, which is now approaching $3 billion in size. We have continued to benefit from the higher yield environment with positive net returns of 2.3% or $75.2 million.

 

With our strong balance sheet and capital base, we remain in excellent health going into the second half of the year.

 

Based on our strong performance in the first six months of the year, we are well on track to deliver on our full year guidance for an average loss year undiscounted combined ratio in the mid-80% range, and an RoE, as measured by change in diluted book value per share, of around 20%.

 

In March, we announced a change to our regular final and interim dividend policy to increase returns to our shareholders. For the first half of 2024, the Board has declared an ordinary interim dividend of 7.5 cents per common share consistent with this policy.

 

Across Lancashire we have committed people who are the foundation of our strong, positive culture and commercial success. We place value on maintaining our distinct ways of working and collaborative approach, which make us an extremely attractive employer that is able to recruit and retain the very best talent in the sector. We also continue to support the important work of the Lancashire Foundation and, due to the strong operational performance of the Group in 2023, the Board has approved the maximum level of funding to aid its charitable work this year. 

 

As we head into the remainder of 2024, building on this record half-year performance, we look with confidence to 2025 and beyond. I would like to thank everyone at Lancashire for their hard work, and our clients, brokers and shareholders for their support.”

  

 

Underwriting results

For the six months ended

30 June 2024

30 June 2023

 

Reinsurance $m

 Insurance $m

Total  $m

Reinsurance $m

 Insurance $m

Total  $m

Gross premium written

 734.6 

 547.6 

 1,282.2 

 658.0 

 526.0 

 1,184.0 

RPI

 101% 

 103% 

 102% 

 123% 

 111% 

 117% 

 

 

 

 

 

 

 

Insurance revenue

 407.6 

 446.5 

 854.1 

 336.6 

 384.3 

 720.9 

Insurance service expenses

 (182.3) 

 (289.9) 

 (472.2) 

 (88.1) 

 (200.4) 

 (288.5) 

Insurance service result before reinsurance contracts held

 225.3 

 156.6 

 381.9 

 248.5 

 183.9 

 432.4 

 

 

 

 

 

 

 

Allocation of reinsurance premium

 (82.3) 

 (131.4) 

 (213.7) 

 (89.3) 

 (123.4) 

 (212.7) 

Amounts recoverable from reinsurers

 9.0