LONDON (dpa-AFX) - Bermuda-based insurance company Lancashire Holdings Ltd (LRE.L) reported that its gross premiums written for the nine-month ended 30 September 2022 increased by 34.3% year-on-year to $1.3 billion, primarily due to growth in the property and casualty reinsurance segment. The growth was mainly due to new business in the casualty reinsurance and financial lines classes of business as well as the continued strong RPI for this segment of 108%, which is driven by the continued hardening in property reinsurance classes.
The company said its current estimate of the net impact of hurricane Ian, excluding inwards and outwards reinstatement premiums and Lancashire Capital Management, is within the range of $160 million to $190 million. This is within the company's expectations for an event of this type.
The investment portfolio delivered a negative return of 5.0% year-to-date. The majority of the losses are unrealized, resulting from further significant interest rate hikes by the U.S. Federal Reserve.
In a separate press release, Lancashire said that it has appointed Robert Lusardi as Senior Independent Director with effect on Thursday. Robert has been an independent Non-Executive Director since 8 July 2016. He is the Chair of the Investment Committee and is also a member of both the Audit and Remuneration Committees.
Robert will take over as the Senior Independent Director from Simon Fraser who has served as Senior Independent Director since 30 April 2014. Simon has stepped down from the role as he approaches nine years' of service as a Non-Executive Director of the Company. It is expected that Simon will not stand for re-election at the Company's AGM in 2023.
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