|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||8.10 - 8.10|
|52 Week Range||6.06 - 8.13|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
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Lancashire, which insures everything from ships and aircraft to damages from terrorism and war, said on Wednesday that gross written premiums rose 0.6 percent to $217.2 million (£166.4 million) in the quarter ended March 31. "The claims environment was relatively benign, with no new major net losses in the quarter," the company said. Lancashire's stable results come after the insurer swung to a profit in 2018, when the industry got some relief after facing record insurance losses in 2017 from notable hurricanes, typhoon and wildfires.
"We have negotiated with Lloyd's and we will write businesses that are affected by Brexit through our Lloyd's platform, through Lloyd's Brussels ... That is a great solution for us," Chief Executive Officer Alex Maloney said. Lloyd's, which covers risks from oil rigs to soccer stars' legs, has said it would launch a Brussels unit to continue serving its customers in the European Economic Area after Brexit.
The Lloyd's of London insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, reported profit before tax of $33.6 million (26 million pounds) for the year ended Dec.31, compared with a loss of $72.9 million a year earlier. Gross written premiums rose 7.9 percent to $638.5 million for the year, and the company's combined ratio - a measure of underwriting profitability - improved to 92.2 percent from 124.9 percent last year. A level below 100 percent indicates an underwriting profit.
Lancashire, which offers insurance schemes for heavy-duty assets such as oil rigs, ships and aircraft, last month warned of catastrophe losses of $25 million to $45 million from recent hurricanes and typhoons.
"Given these loss estimates, the company expects that it will produce a negative return on equity for the third quarter of 2018. Absent these events, the company would have been profitable for the third quarter," Lancashire said. Lancashire said the catastrophe loss estimates include its exposure through its Bermuda, UK and Lloyd's operations, adding that its exposure to hurricanes and typhoons were spread across property, reinsurance, cargo, marine and energy.