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Lancashire Holdings Ltd on Thursday said it approved a capital return of up to $169 million, and it reported rising gross premiums written for the year-to-date. In addition, it also named its next chair. Shares in Lancashire Holdings were up 7.6% to 652.50 pence each in London on Thursday morning. The Bermuda-based insurer declared a special dividend of $0.50 per share, resulting in an aggregate payment of $119 million. The dividend will be paid in pound sterling at approximately £0.41 at Lancashire Holdings’ cited current exchange rate. This special dividend is alongside up to $50 million in share buybacks, which the company said followed ‘strong’ operating performance year-to-date. In the nine months that ended September 30, Lancashire Holdings said gross premiums written increased by 23% to $1.56 billion from a year earlier, while IFRS 17 insurance revenue increased 22% to $1.11 billion. ‘During the first nine months of 2023, we have continued to successfully implement our long-term strategy to manage the market cycle and deliver strong profitable growth through a portfolio of diversified products,’ said Chief Executive Officer Alex Maloney. ‘We continue to expect a positive environment into 2024, with further opportunities for Lancashire. Our investment returns have also continued to benefit from the higher interest rate environment and the short duration of our portfolio, with a total net investment return, including unrealised gains and losses, of 2.8% for the period. Our previously announced plans to expand our international footprint further through Lancashire Insurance US continue, and we are pleased with the progress we are making towards an underwriting launch in early 2024.’ Lancashire Holdings also announced it has appointed Phillip Broadley as a non-executive director and chair designate, effective from Wednesday this week. Broadley is currently senior independent director at AstraZeneca PLC and non-executive director at Legal & General Group PLC. Lancashire Holdings said it expects his appointment as chair to take effect immediately after the company’s annual general meeting on May 1, subject to shareholder approval. Incumbent Chair Peter Clarke will step down as chair and non-executive director following the AGM. He has been chair since 2016. Broadley will continue in his roles at AstraZeneca and Legal & General, Lancashire Holdings said. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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