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Prices & Quotes - UK Markets - Lancashire Holdings Limited (LRE)

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Share Price:
Up 738.00p
Change Today:
2.50p
Market Cap:
1,789.72m
Sector:
Insurance (non-life)

Lancashire Holdings' gross premiums rise, names Hayley Johnston as CEO of LICL

By Iain Gilbert

Date: Thursday 07 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Insurance and reinsurance outfit Lancashire Holdings reported a 14% bump in gross premiums written during the first nine months of the trading year - a trend it expects to see continue into 2020.
Lancashire witnessed gross premiums hit $578m in the three quarters ended 30 September, while investment returns improved from 0.9% to 4.1%.

On a divisional basis, property premiums increased 19% to $210m, while aviation premiums rocketed 60% to $24.1m. Marine premiums also jumped 31% to $33.1m due to higher renewal rates in multi-year contracts.

In the Lloyd's business segment, gross premiums increased 15% to $233.1m as a result of new business in the energy, aviation, marine and terrorism classes and favourable premium adjustments.

However, energy premiums fell 12% to $77.6m due to stronger comparatives.

Lancashire said its $33.2m loss estimates from hurricane Dorian and typhoon Faxai remained within expectations and added that it was in preliminary stages of assessing the impact of typhoon Hagibis in Japan.

Chief executive Alex Maloney said: "Given our expectations of a continued improvement in the market in 2020, we intend to retain all of our current capital in order to be able to take full advantage of underwriting opportunities.

"Therefore, in line with our active capital management policy, we are not declaring a special dividend at this point. Our dividend policy remains unchanged and we fully expect to pay our normal final dividend next year.

In a separate announcement, Lancashire tapped its current chief underwriting officer Hayley Johnston to take over as chief executive of LICL, its Lancashire Insurance subsidiary, in the spring of 2020.

Johnston, who will succeed Elaine Whelan, who announced her retirement plans earlier in the year, has many years' experience in the London and international insurance and reinsurance markets and joined Lancashire in 2007 as a marine and aviation underwriter.

Elsewhere, Lancashire also announced on Thursday that James Flude will assume the role of chief underwriting officer, the group's UK regulated insurer, a role previously held by Johnston.

Both appointments were still subject to all relevant regulatory and governance approvals.

Group chief executive Alex Maloney said: "I am delighted to see Hayley and James succeed to these senior roles within our group. Both are longstanding colleagues and valued members of our management team, and each one will bring fresh perspectives and strategic vision to their new roles.

"As we announced earlier in the year, Elaine will also step down from her group chief financial officer role in early 2020 and we expect to be able to report on our succession plans for that role before the end of this year."

As of 0915 BST, Lancashire shares had picked up 2.36% to 689.42p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LRE Market Data

Currency UK Pounds
Price 738.00p
Change Today 2.50p
52 Week High 850.00p
52 Week Low 528.00p
Volume 562,232
Shares Issued 242.51m
Market Cap 1,789.72m

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 13
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LRE Dividends

  Latest Previous
  Interim Final
Ex-Div 13-Aug-20 07-May-20
Paid 11-Sep-20 05-Jun-20
Amount 5.00¢ 10.00¢

Trades for 27-Nov-2020

Time Volume / Share Price
16:35 428,656 @ 738.00p
16:29 271 @ 730.00p
16:29 5 @ 728.50p
16:29 8 @ 728.50p
16:29 9 @ 728.50p

LRE Key Personnel

CEO Alex Maloney
CFO Natalie Kershaw