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Shares in Lancashire Holdings Ltd surged on Thursday after posting 35% growth in gross premiums written in the first quarter of 2022.
The stock was up 11% at 441.60 pence each in London on Thursday morning, the best FTSE 250 performer.
The Bermuda-headquartered insurer said gross premiums written totalled $477.9 million in the three months to the end of March, soaring from $354.8 million a year ago.
All segments except Aviation saw growth, with Marine's premium growth the fastest, up 64% year-on-year to $35.7 million, while property & casualty reinsurance made up the bulk of the result, at $310.1 million and up 39% on a year before.
‘The growth in the property and casualty insurance segment, was primarily due to the continued build out of the property direct and facultative book of business as well as new business in property political risk and property construction classes,’ the company said.
The first quarter is not a major renewal period for the aviation segment, it added.
‘Underlying trading conditions remain favourable and Lancashire has continued to deliver strong premium growth in the first quarter...In light of the potential for broader market dislocation, we remain confident that our strong balance sheet, robust capital position and talented underwriting teams, will give us further opportunities for profitable growth during 2022,’ said Chief Executive Alex Maloney.
Lancashire said it estimates its net losses incurred within Ukraine are in the range of $20 million to $30 million.
‘While we continue to analyse our potential exposure scenarios in Russia, we consider that any
potential losses would be within our risk tolerances, and would not impact our ability to deliver on our ambitious growth plans for 2022,’ said Maloney.
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